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<SEC-DOCUMENT>0000088053-06-001139.txt : 20060907
<SEC-HEADER>0000088053-06-001139.hdr.sgml : 20060907
<ACCEPTANCE-DATETIME>20060907114949
ACCESSION NUMBER:		0000088053-06-001139
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20060630
FILED AS OF DATE:		20060907
DATE AS OF CHANGE:		20060907
EFFECTIVENESS DATE:		20060907

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOREA FUND INC
		CENTRAL INDEX KEY:			0000748691
		IRS NUMBER:				133226146
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04058
		FILM NUMBER:		061078493

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVE
		STREET 2:		C/O DEUTSCHE ASSET MANAGEMENT
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		617-295-3986

	MAIL ADDRESS:	
		STREET 1:		DEUTSCHE ASSET MANAGEMENT
		STREET 2:		TWO INTERNATIONAL FUND
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ar063006_kor.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
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<TITLE> </TITLE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>UNITED STATES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>WASHINGTON, D. C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>FORM N-CSR</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="281" style='border-collapse:collapse'>
    <tr >
        <td width="212" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>Investment Company Act file number  </p> </td>
        <td width="69" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>811-4058</p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><u><font size=2>The Korea Fund, Inc.</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2> (Exact Name of Registrant as Specified in Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of Principal Executive Offices) (Zip Code)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant&#146;s Telephone Number, including Area Code: </font><u><font size=2>(212) 454-7190</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Paul Schubert</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>345 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY 10154</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Name and Address of Agent for Service)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="193" style='border-collapse:collapse'>
    <tr >
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of fiscal year end:</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>06/30</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="211" style='border-collapse:collapse'>
    <tr >
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of reporting period:</font></p> </td>
        <td width="67" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>06/30/06</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>ITEM 1.</font></B><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><B><font SIZE=2>REPORT TO STOCKHOLDERS</font></B></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>






<P ALIGN="JUSTIFY"><IMG SRC="kor_auto0.gif" ALT="kor_Auto0">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_20">
<TD CLASS="CLASS_188" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><FONT SIZE="+3">The Korea Fund, Inc.</FONT>
</P>
<H1 CLASS="CLASS_190" ALIGN="LEFT">Annual Report to Stockholders</H1>
<H1 CLASS="CLASS_190" ALIGN="LEFT">June 30, 2006</H1>
<P ALIGN="LEFT">A closed-end investment company seeking long-term&nbsp;capital appreciation
through investment in&nbsp;Korean securities.
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section2A0"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">The Korea Fund, Inc.</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Investment Objective and Policies</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000"><FONT SIZE="-2"></FONT>  long-term capital appreciation through investment in Korean securities</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Investment Characteristics</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000"><FONT SIZE="-2"></FONT>  a closed-end investment company investing in a broad spectrum of Korean
securities</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><FONT SIZE="-2"></FONT>  first United States investment company authorized to invest in Korean securities</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><FONT SIZE="-2"></FONT>  a vehicle for international diversification through participation in the stock market</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><FONT SIZE="-2"></FONT>  a vehicle providing investments in some less liquid Korean opportunities</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_24" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_19">
<TD CLASS="CLASS_176" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Executive Offices</FONT></H3>
</TD>
<TD CLASS="CLASS_177" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">The Korea Fund, Inc.<BR>
345 Park Avenue<BR>
New York, NY 10154</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_19">
<TD CLASS="CLASS_176" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Automated <BR>
Information Line</FONT></H3>
</TD>
<TD CLASS="CLASS_177" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">DWS Scudder Closed-End Fund Info Line<BR>
1-800-349-4281</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_19">
<TD CLASS="CLASS_176" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Web Site</FONT></H3>
</TD>
<TD CLASS="CLASS_177" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">www.TheKoreaFund.com</FONT></H3>
<P ALIGN="LEFT"><FONT COLOR="#000000">Obtain monthly fact sheets, financial reports,
press releases and webcasts when available.</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_19">
<TD CLASS="CLASS_176" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Transfer Agent and Registrar</FONT></H3>
</TD>
<TD CLASS="CLASS_177" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">DWS Scudder Investments Service
Company<BR>
P.O. Box 219066<BR>
Kansas City, MO 64121-9066</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">For account information: 1-800-294-4366</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_19">
<TD CLASS="CLASS_176" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Dividend Reinvestment <BR>
Plan Agent</FONT></H3>
</TD>
<TD CLASS="CLASS_177" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">UMB Bank, N.A.</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_19">
<TD CLASS="CLASS_176" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Legal Counsel</FONT></H3>
</TD>
<TD CLASS="CLASS_177" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">Debevoise &amp; Plimpton LLP</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_19">
<TD CLASS="CLASS_176" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Custodian</FONT></H3>
</TD>
<TD CLASS="CLASS_177" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">Brown Brothers Harriman &amp; Co.</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_19">
<TD CLASS="CLASS_176" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Subcustodian </FONT></H3>
</TD>
<TD CLASS="CLASS_177" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">Citibank Korea Inc.</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_19">
<TD CLASS="CLASS_176" ALIGN="LEFT" VALIGN="TOP">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Independent Registered
Public&nbsp;Accounting Firm</FONT></H3>
</TD>
<TD CLASS="CLASS_177" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">PricewaterhouseCoopers LLP</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_19">
<TD CLASS="CLASS_175" ALIGN="LEFT" VALIGN="TOP" COLSPAN="2">
<H3 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">New York Stock Exchange Symbol &#151; KF</FONT></H3>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section280"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Contents</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#pl">Click Here</A></FONT><FONT COLOR="#000000">        Letter from the Chairman of the Board</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#letter">Click Here</A></FONT><FONT COLOR="#000000">    Portfolio Management Review</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#other">Click Here</A></FONT><FONT COLOR="#000000">    Other Information</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#invsum">Click Here</A></FONT><FONT COLOR="#000000">   Investment Summary</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#portsum">Click Here</A></FONT><FONT COLOR="#000000">  Portfolio Summary</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#portfolio">Click Here</A></FONT><FONT COLOR="#000000">        Investment Portfolio</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#fins">Click Here</A></FONT><FONT COLOR="#000000">     Financial Statements</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#high">Click Here</A></FONT><FONT COLOR="#000000">     Financial Highlights</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#notes">Click Here</A></FONT><FONT COLOR="#000000">    Notes to Financial Statements</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#ria">Click Here</A></FONT><FONT COLOR="#000000">      Report of Independent Registered Public Accounting Firm</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#tax">Click Here</A></FONT><FONT COLOR="#000000">      Tax Information</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#drip">Click Here</A></FONT><FONT COLOR="#000000">     Dividend Reinvestment and Cash Purchase Plan</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3300d9">  <A HREF="#do">Click Here</A></FONT><FONT COLOR="#000000">       Directors and Officers</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_17">
<TR CLASS="CLASS_18">
<TD CLASS="CLASS_167" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Investments in funds involve risks. The fund focuses its investments in Korean issuers,
thereby increasing its vulnerability to developments in Korea and its geographic regions.
Investing in foreign securities presents certain unique risks not associated with domestic
investments, such as currency fluctuation and political and economic changes and
market risks. This may result in greater share price volatility. Shares of closed-end funds
frequently trade at a discount to net asset value. The price of the fund's shares is
determined by a number of factors, several of which are beyond the control of the fund.
Therefore, the fund cannot predict whether its shares will trade at, below or above net
asset value.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">This report is sent to the stockholders of The Korea Fund, Inc. for their information. It is not a
prospectus, circular, or representation intended for use in the purchase or sale of shares of the fund
or of any securities mentioned in the report.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT&nbsp;A&nbsp;DEPOSIT
NOT&nbsp;INSURED BY ANY FEDERAL GOVERNMENT AGENCY</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="new_section.gif" ALT="new_section270"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="pl" ID="pl"></A>Letter from the Chairman of the Board</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">Dear Stockholders,</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">This past year has continued to be eventful for The Korea Fund, Inc.
(&quot;KF&quot;). Following the 2005 Annual Meeting of Stockholders at which
time I assumed the Chair, your Board has been proactively engaged on
many fronts, including the monitoring of investment performance, in
issues of enhancing both good corporate governance and investor
relations, and with a visit to Seoul, South Korea, to meet with the
Ministry of Finance as well as many of those companies in which your
fund has an investment.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Over the past fiscal year, that is from July 2005 to end of June 2006, the
Net Asset Value (&quot;NAV&quot;) of your fund appreciated by 36.47%, which
compares with a 40.23% increase for its benchmark &#151; the KOSPI &#151;
whilst in terms of share price the increase has been 35.72% (all of these
performance figures being expressed in terms of the US dollar). Based on
appreciation in the underlying NAV, (and compared to the return of its
benchmark, the KOSPI) the three-year average annual return has been
32.94% (34.69%); the five-year, 27.49% (25.61%); and the 10-year
11.20% (3.91%). In terms of share price the annual compound returns
have been 37.20%, 31.10% and 9.01% over the respective three-, five-
and 10-year periods. That said we remind you that past performance is
not a guarantee of future investment returns.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Early in 2006 your Board conducted a review of investment consultants
and subsequently engaged the Asia-based office of the global firm <I>Mercer
Investment Consulting</I> to assist it in further evaluating the performance
and investment style of your fund and in reviewing its performance
against a broad peer group of similar-style vehicles investing in the
Korean equity market. At the beginning of the year the Investment
Committee, specifically established by your Board, expanded the list of
funds included in the competitive peer group to some 16. Whilst this
monitoring demonstrates the good relative historic performance of KF
over the longer term, the short-term relative performance has slipped.
Given this recent, relative slippage in performance, your Board has
commissioned Mercer to conduct a detailed review of the manager's
investment process to assist it in further evaluating recent past
performance in an endeavor to identify opportunities to enhance future
returns. Your Board's Investment Committee is closely involved in
monitoring this project, and we shall be updating you further on this
most important issue both in the near future and, of course, at our
upcoming Annual Meeting of Stockholders, which is scheduled for
October 25, 2006.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">As you may recall from my past correspondence with you, best practices
of corporate governance is uppermost amongst all directors now on your
Board. In this regard we were most fortunate to have Richard A. Silver
join us as a Director of the fund, filling the vacancy created by the
resignation of Mr. Kenneth Froewiss, whom we thank on your behalf for
his service to the fund. Rich Silver has almost 35 years of most relevant
experience in the financial services industry and recently served as an
Executive Vice President at Fidelity. Rich now chairs your fund's Audit
Committee. On behalf of all shareholders, I am delighted to welcome
Rich given his very broad, hands-on experience in the financial services
industry.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Your subcommittees covering Investment, Korean Affairs, Governance &amp;
Investor Communications, that we formed following the last Annual
Meeting of Stockholders to concentrate on the specific area of
specialization of each, have all contributed considerably to the better
functioning of your fund and have most certainly enhanced the output
of your Board. It was my delight to meet many of our shareholders
during the year on my investor relations visits across both the UK and
US, and I look forward to meeting many more in the period ahead. In
this regard we are presently upgrading your fund's Web site to provide
additional information to both existing and prospective shareholders.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Your Board's visit to Seoul in May was primarily to meet with the South
Korean Ministry of Finance, but the opportunity was also taken to meet
with many of those companies in which the fund is invested. The trip
proved rewarding and provided very useful further food for thought as to
how your fund should be managed within the Korean market going
forward.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The measures previously put in place in an endeavor to maintain a share
price in closer proximity to the NAV have generally worked well. As the
last report went to print, the fund was completing its first tender offer
conducted as part of your Board's previously announced plan of making
six semiannual tender offers after the fund's initial 50% offer in the
summer of 2005. Each of these offers was to be made subject to
regulatory approvals, fiduciary and other applicable requirements, if the
fund's shares trade on the New York Stock Exchange at an average
weekly discount from net asset value greater than 5% during a 13-week
measurement period. This first semiannual tender offer was completed at
the end of February, and the fund accepted 2,996,358.371 shares for
payment at a price of $38.142 per share, which is equal to 98% of the
net asset value per share determined as of the close of the New York
Stock Exchange on February 17, 2006. These shares represented
approximately 10% of the fund's outstanding shares as at that date.
Although the terms of the previously announced plan called for payment
to be made &quot;in kind&quot; through the delivery of portfolio securities, your
Board approved the payment of cash in this instance to permit a broader
cross section of shareholders, and particularly private, smaller holders, to
participate more readily.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In April, your Board announced that a measurement period to
determine whether the fund would again make an offer in the third
quarter of 2006 to repurchase 10% of its outstanding shares &#151; the
second tender offer in the fund's series of six semi-annual offers &#151;
would be the 13-week measuring period preceding June 30, 2006. After
trading at an average discount of 6.63% during the measurement period,
the fund announced in July 2006 that it would commence a further
tender offer for up to 10% of the fund's shares during the third quarter
of 2006. In light of potential adverse tax consequences of successive cash
tender offers, your Board has determined that this next tender offer
should be made &quot;in kind&quot; consistent with the terms of the plan
originally announced.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">At the time of writing your Board is reviewing in detail the results of
these initial tender offers. Issues recently identified connected with the
ongoing tender offer program are compelling your Board to consider if
amendments to the previously announced plan may be in the best
interests of the long term future of your fund and of greater benefit to all
shareholders. We shall be announcing our findings on this issue in detail
shortly, and I also plan to comment further on this matter at the
upcoming Annual Meeting of Stockholders, at which I hope you will be
joining us.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">As announced in December, your Board continues to review
mechanisms to manage the discount and is studying other ways and
means to further enhance stockholder value and improve investor
relations. We have identified the listing of your fund on the Osaka
(Japan) Stock Exchange as being a high-cost item relative to the possible
benefits that we believe it achieves, and so are looking at means of
reducing such expenditure. On the other hand, stock lending, which
your Board recently introduced along carefully structured and secure
guidelines to ensure total security of the fund's assets, produced income
of over $300,000 in an initial contribution in the final quarter of the
year. This source will prove a most worthwhile contributor particularly
in times of a more active stock market. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Your Board thanks you for your support over the past year and very
much hopes to meet with you at the upcoming Annual Meeting.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Yours very sincerely,</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Julian Reid, Chairman</FONT>
</P>
<P ALIGN="LEFT">
</P>
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<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="letter" ID="letter"></A>Portfolio Management Review</FONT></H1>
</TD>
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<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
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</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-1" COLOR="#000000">In the following interview, Lead Portfolio Manager Terrence Gray discusses the market
environment, fund performance and the strategy for managing The Korea Fund, Inc.
during the 12-month period ended June 30, 2006. </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">Q:&nbsp;&nbsp;How did South Korea's stock market perform during
the annual reporting period?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">The Korean market performed well over the past year,
but a sharp sell-off in the second calendar quarter left
stocks well off their previous highs. After beginning the
annual period at 1,008.16, the KOSPI surged in the
second half of 2005, and then moved sideways before
rising to a peak of 1,464.70 on May 11, 2006.<SUP>1</SUP> During
this phase, the market was helped by both favorable
investor sentiment worldwide and the litany of positive
country-specific developments taking place in Korea. The
economy continues to recover from the slowdown of
2004, with both consumer spending and exports
representing engines of growth. Additionally, the various
factors that we have cited in past reports to stockholders
&#151; stronger corporate balance sheets, the continued
improvement in Korean brand names worldwide and
rising participation in the stock market among retail
investors &#151; remained in place as pillars of support for
stock prices. </FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>1</SUP><I> KOSPI is an unmanaged capitalization-weighted index of all common shares on the Stock Market
Division of the Korea Exchange (formerly the &quot;Korea Stock Exchange&quot;). The index is calculated
using closing local market prices and translates into US dollars using the London close foreign
exchange rates. Index returns assume reinvestment of dividends and, unlike Fund returns, do not
reflect any fees or expenses. It is not possible to invest directly into an index.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Beginning in mid-May, however, the external environment
became more challenging. Concerns that rising inflation
pressures would cause the US Federal Reserve Board
(the&nbsp;Fed) to raise interest rates higher than had been
anticipated previously led to a sharp retreat in higher-risk
asset classes worldwide. Emerging-markets equities, in
particular, became subject to indiscriminate selling, and
this trend played out in Korea through a rapid downturn
in small-cap stocks. Despite a modest rally in the final
days of June, the KOSPI closed the period at 1,295.15,
substantially below the high it established just seven weeks
earlier. For the full period, the KOSPI delivered a gain of
28.60% in local currency terms and 40.23% when
measured in US dollars. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">US dollar-based investors were helped by the strength of
the Korean won. On June 30, 2005, 1,030.92 won were
required to purchase one US dollar. One year later, the
exchange rate had fallen to 948.75, reflecting the rising
value of the Korean currency. While this trend hurt shares
of exporters by making their goods more expensive for
overseas buyers, US investors saw the value of their
holdings increase significantly due to the fact that the won
was one of the top-performing currencies in Asia. </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">Q:&nbsp;&nbsp;How did the fund perform?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">For the 12 months ended June 30, 2006, the net
asset&nbsp;value (NAV) total return of The Korea Fund, Inc.
was 36.47%. Its share price &#151; quoted on the NYSE &#151;
returned 35.72% to close at $36.33 per share,
representing a discount of 6.53% to NAV. (Past
performance is no guarantee of future results. Please see
page <A HREF="#invsum">20</A> for more complete performance information.)</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">Q:&nbsp;&nbsp;Why did the fund underperform relative to its
benchmark?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">The primary reason for the fund's underperformance
relative to its benchmark is the fact&nbsp;the many of the core
holdings that have been in the&nbsp;fund&nbsp;for many years have
not kept pace in the momentum-driven market of the past
year. We invest with a multiyear time horizon, buying and
holding stocks on the basis of their outlook over the next
three to five years. While we have been gradually reducing
the portfolio's position in certain mature large-cap
holdings in favor of opportunities in faster-growing
companies, our core positions largely remain in place. We
do not feel that it is prudent to change this approach in
order to chase short-term market trends. Our investment
style paid off in the final two months of the period, when
holdings such as Samsung Fire &amp; Marine Insurance Co.,
Ltd., Samsung Electronics Co., Ltd., SK Telecom Co.,
Ltd. and POSCO all held up better than the overall
market. Overall, we believe the portfolio is well positioned
by virtue of its investments in what we believe are the
leading companies in Korea. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">An underweight in the strong-performing industrials
sector hurt performance during the past year.<SUP>2</SUP> Historically,
the fund has maintained an underweight in this sector &#151;
which in the past was plagued by high debt and opaque
management practices &#151; in favor of higher-growth areas.
However, the recent sell-off has created opportunities to
invest in globally competitive companies at attractive
valuations, and we have added to the fund's position in the
sector. As global players, many Korean industrial
companies are in a position to take advantage of the
infrastructure build-out that is happening in the Middle
East as rising oil prices are creating a vast transfer of
wealth into the region. We believe this is an important
trend that will lead to a greater number of opportunities
to invest in industrials stocks with robust earnings
potential. </FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>2</SUP><I> &quot;Overweight&quot; means the fund holds a higher weighting in a given sector or security
than the benchmark. &quot;Underweight&quot; means the fund holds a lower weighting.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Also weighing on returns were the fund's positions in
export stocks whose performance was dampened in the
short term by the rising won, including Hyundai Motor
Co. and Hankook Tire Co., Ltd. However, we believe the
won-related weakness represents an overreaction on the
part of investors. Both companies continue to improve
their market share and global brand image, and many of
Hyundai's offerings are currently ranked in the top of their
class. Nevertheless, Hyundai and Hankook continue to
trade at valuation discounts to their global competitors. </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">Q:&nbsp;&nbsp;How did the fund's small-cap holdings perform?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">The portfolio's small-cap exposure was very helpful to
performance through the first ten months of the period,
but the rapid reduction in investors' risk appetites in May
and June led to a large sell-off in this area. Small-cap
technology stocks were particularly poor performers. The
result was that the fund trailed the index by a wide margin
during the second calendar quarter of 2006. However, it is
important to note that we do not invest in small caps with
quarterly performance as a consideration. We establish
long-term core holdings in small caps, just as we do with
large caps, and we are willing to ride out volatility in the
short term rather than locking in underperformance by
selling into weak markets. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">An example of a fund holding that sold off in the second
quarter was INTOPS Co., Ltd., the leading supplier of
handset cases to Samsung Electronics. The latter's rising
market share, along with INTOPS' move up the value
chain &#151; which led to higher average selling prices for its
products &#151; has resulted in stronger fundamentals for the
company. We believe INTOPS is well positioned by virtue
of its status as the leading provider to the number-three
seller of handsets in the world, and we therefore elected
not to join in the indiscriminate selling that affected the
stock late in the reporting period. Phoenix PDE Co., Ltd.
&#151; which makes the powder that goes into the panels used
in flat-screen televisions &#151; also sold off, and we used the
downdraft as an opportunity to add to our long-term
position. </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">Q:&nbsp;&nbsp;What are some mid- and small-cap holdings that you
added to the fund during the reporting period?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">Our strategy of adding to the fund's positioning in
small caps over the past year helped us identify several
compelling stock opportunities which have been positive
contributors to performance. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We added to NHN Corp., a dominant search engine
portal and also one of the leading on-line gaming sites in
Korea. With a good business model and strong earnings,
NHN also represents a core long-term holding in the
fund. Hana Tour Service, Inc. was also a positive
contributor. A play on consumer spending, Hana is
taking&nbsp;advantage of rising income and growing affluence
in Korea. The company has a strong brand and a
comprehensive package of worldwide tours, making it one
of the leading players in this area. Also among our favored
small-cap holdings is MegaStudy Co., Ltd., an on-line
tutorial company that also has physical locations. On
average, Korean students spend approximately three hours
more per day on their studies than the global average,
leading to rapid growth in expenditures on private
education. As a result, MegaStudy represents a play on
both consumer spending and long-term trends in
education. All three stocks mentioned were added to the
portfolio during the past year, and all three made a
positive contribution to performance.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">Q:&nbsp;&nbsp;How did the fund's domestic plays affect
performance?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">The fund was helped by its focus on domestic
consumption plays, given the turnaround in Korea's
consumer sector. In particular, we added value through
our holdings in the banking sector. We have been
reducing&nbsp;the fund's position in insurance stocks in
favor&nbsp;of&nbsp;commercial banks on the basis that the fund is
&quot;underbanked&quot; in relation to the growth outlook for both
loans and savings vehicles. We believe growth in this area
will remain strong, and we have positioned the fund
accordingly.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">Q:&nbsp;&nbsp;What is your broad view on the Korean stock market?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3300d9">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">Despite the recent market volatility, it is important to
note that Korea is further along in its cycle of higher
interest rates than most countries in the region, meaning
that it also may be among the first to loosen monetary
policy. Moreover, the won has appreciated to such an
extent in the past 12 months that a pause in its
performance is becoming increasingly likely, which would
reduce this headwind on exporters. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">From a longer-term standpoint, Korea's fundamentals
remain strong with a solid economic outlook, high
corporate profit margins and continued improvement in
the global standing of its companies. Additionally, we
believe the consumer recovery is still in its early stages,
making Korea one of the most attractive domestic
consumption stories among its Asian peers. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We will continue to look for fast-growing, reasonably
valued stocks that we believe will generate strong
performance over a three-to-five year investment horizon
and, in the case of the small caps in which we invest, the
potential to emerge as future leaders in Korea.</FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The views expressed in this report reflect those of the portfolio managers only through the
end of the period of the report as stated on the cover. The managers' views are subject to
change at any time based on market and other conditions and should not be construed as
a recommendation. Past performance is no guarantee of future results.</FONT></I>
</P>
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<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="other" ID="other"></A>Other Information</FONT></H1>
</TD>
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</TABLE>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Investment Manager</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Investment Management Americas Inc. (&quot;DeIM&quot;), with
headquarters at 345 Park Avenue, New York, NY, is the investment manager
for the fund. DeIM and its predecessors have more than 80 years of experience
managing open-end and closed-end funds. DeIM provides a full range of
investment advisory services to institutional and retail clients. DeIM is also
responsible for selecting brokers and dealers and for negotiating brokerage
commissions and dealer charges.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Asset Management is the marketing name in the US for the
asset&nbsp;management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Asset Management, Inc., Deutsche Investment
Management Americas Inc. and DWS Trust Company.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Asset Management is a global asset management organization that
offers a wide range of investing expertise and resources, including hundreds of
portfolio managers and analysts and an office network that reaches the world's
major investment centers. This well-resourced global investment platform
brings together a wide variety of experience and investment insight across
industries, regions, asset classes and investing styles.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">DeIM is an indirect, wholly owned subsidiary of Deutsche Bank AG.
Deutsche Bank AG is a major global banking institution that is engaged in a
wide range of financial services, including investment management, mutual
fund, retail, private and commercial banking, investment banking and
insurance.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Asset Management also manages the assets of other closed-end
investment companies which invest primarily in foreign securities: DWS
Global High Income Fund, Inc., DWS Global Commodities Stock Fund,
Inc., The European Equity Fund, Inc., The New Germany Fund, Inc. and
The&nbsp;Central Europe and Russia Fund, Inc. In addition, Deutsche Asset
Management manages open-end mutual funds that invest in domestic and
international markets.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Korean Advisor</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Investment Trust Management Company Limited (&quot;DeITMC&quot;),
located at 19F, Youngpoong Building, 33, Seorin-Dong, Chongro-ku, Seoul,
Korea, serves as subadvisor to the fund. DeITMC renders investment advisory
and management services with regard to the fund's portfolio. From time to
time, DeITMC makes specific investment recommendations, which then are
evaluated by DeIM's portfolio managers in light of their own expertise and
information from other sources in making investment decisions for the fund.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Tender Offers and Fee Reductions</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund's Board of Directors has approved a series of measures designed to
enhance stockholder value.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On December 15, 2004, the fund announced its approval, subject to fiduciary
and other applicable requirements and regulatory approvals, of a purchase of
50% of outstanding shares at a price equal to 98% of the NAV per share as of
the day after the date such offer expired. The fund also announced its approval
of a plan to conduct six subsequent semiannual purchase offers in accordance,
each for 10% of the then-outstanding shares at a price equal to 98% of NAV
per share as of the day after the date each such offer expires, if shares trade on
the NYSE at an average weekly discount from NAV greater than 5% during a
13-week measuring period ending the last day of the preceding half-year. At
the discretion of the Board, payment for any shares purchased pursuant to the
repurchase program can be made in-kind through a <I>pro rata</I> distribution of
securities from the fund's portfolio on the day after the date such offer expires. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Board also announced a reduction, effective December 1, 2004, in the
fees payable to the fund's manager. Previously, the annual management fee had
ranged from 1.15% on the first $50 million of net assets to 0.85% of net
assets over $1.050 billion. Under the amended advisory agreement, the
management fee ranges from 0.60% on the first $250 million of net assets to
0.50% of net assets in excess of $1 billion. On the fund's current net assets as
of June 30, 2006, this represents an overall reduction of approximately 43% in
the management fee.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On July 8, 2005, the fund commenced a tender offer for up to 22,350,747
shares, representing approximately 50% of its issued and outstanding shares of
common stock in exchange for portfolio securities of the fund at a price per
share equal to 98% of the net asset value per share as of the day after the day
the offer expires. On August 25, 2005, the fund announced that it had
accepted, after adjusting for fractional shares in accordance with the terms of
the offer, the tender of 14,737,788 shares. This represented approximately
33% of the fund's outstanding shares.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The average weekly discount of the fund during the 13-week measuring
period ended December 31, 2005 was 5.63%. On January 11, 2006, the
Board met to consider a 10% repurchase offer pursuant to the repurchase
program. The Board determined that although the repurchase program
originally contemplated in-kind purchase offers in which tendering
stockholders would receive a pro rata share of the fund's portfolio, rather than
cash, the fund would conduct this tender offer for cash consideration. The
Board believed that using cash consideration would facilitate participation by
smaller stockholders and result in lower transaction costs. The Board intends
to evaluate on a case-by-case basis the consideration for any future offers under
the repurchase program, in light of its experience and then-prevailing market
and economic conditions.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On January 19, 2006, the fund commenced a tender offer for cash for up to
2,996,371 of its shares of common stock, representing approximately 10% its
outstanding shares, at a price per share equal to 98% of the net asset value per
share as of the day after the day the offer expires. The tender offer remained
open through February 16, 2006. The tender offer was completed at the end
of February and the fund accepted 2,996,358.371 shares for payment at a
price of $38.142 per share, which is equal to 98% of NAV per share
determined as of the close of New York Stock Exchange on February 17, 2006.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In April, the Board announced that the measurement period to determine
whether the fund would make the second tender offer in the fund's series of six
semi-annual offers would be the 13-week measuring period preceding June 30,
2006. After trading at an average discount of 6.63% during the measurement
period, in July 2006 the fund announced that it would commence a further
tender offer for up to 10% of the fund's shares during the third quarter of
2006. In light of potential adverse tax consequences of successive cash tender
offers, the Board has determined that this next tender offer should be made as
an in-kind offer consistent with the terms of the plan originally announced.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund's report is not an offer to purchase or the solicitation of an offer to
sell shares of the fund. The tender offers referred to in the fund's report will be
made only by the offer to purchase and related letter of transmittal.
Stockholders should review these documents carefully when they are available,
because they will contain important information. These documents will be
available to investors free at the Web site of the Securities and Exchange
Commission (www.sec.gov). An offer to purchase will not be made to, nor will
tenders pursuant to an offer to purchase be accepted from or on behalf of,
holders of shares in any jurisdiction in which making or accepting the offer to
purchase would violate the jurisdiction's laws. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">There can be no assurance that this offer or any other actions taken by the
Board will reduce or eliminate any market price discount from NAV of the
fund's shares. The market price of the fund shares will also be determined by,
among other things, the relative demand for and supply of fund shares in the
market, the fund's investment performance, the fund's dividends and yield,
and investor perception of the fund's overall attractiveness as an investment as
compared with other investment alternatives.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Changes in Officers</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">On July 12, 2006, the Board of Directors elected Michael G. Clark as
President, replacing Michael Colon. </FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Changes in the Board of Directors</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">On March 31, 2006, Kenneth C. Froewiss resigned as a Director of the fund.
On July 19, 2006, the Board announced the appointment of Richard A. Silver
as a Class III Director of the fund, filling the vacancy created by the
resignation of Kenneth C. Froewiss.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Certifications</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund's chief executive officer has certified to the New York Stock
Exchange that, as of December 16, 2005, he was not aware of any violation by
the fund of applicable NYSE corporate governance listing standards. The
fund's reports to the Securities and Exchange Commission on Forms N-CSR
and N-Q contain certifications by the fund's chief executive officer and chief
financial officer that relate to the fund's disclosure in such reports and that are
required by the Rule 30a-2(a) under the Investment Company Act.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Dividend Reinvestment and Cash Purchase Plan</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund's Dividend Reinvestment and Cash Purchase Plan offers you a
convenient way to have your dividends and capital gain distributions
reinvested in shares of the fund. We believe this Plan is attractive for
stockholders. Its features are more fully described on page <A HREF="#drip">44</A>. You may obtain
more detailed information by requesting a copy of the Plan from the Transfer
Agent. All correspondence (including notifications) should be directed to:
The&nbsp;Korea Fund Dividend Reinvestment and Cash Purchase Plan, c/o&nbsp;DWS
Scudder Investments Service Company, P.O. Box 219066, Kansas City, MO
4121-9066, 1-800-294-4366.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Proxy Voting </FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">A description of the fund's policies and procedures for voting proxies for
portfolio securities and information about how the fund voted proxies related
to its portfolio securities during the 12-month period ended June&nbsp;30 is
available on our Web site &#151; www.dws-scudder.com (click on &quot;proxy voting&quot;at
the bottom of the page) &#151; or on the SEC's Web site &#151; www.sec.gov. To
obtain a written copy of the fund's policies and procedures without charge,
upon request, call us toll free at 1-800-621-1048.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Share Repurchases</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Board has authorized the fund to effect periodic repurchases of its shares
in the open market from time to time when the fund's shares trade at a
discount to their NAV. Subject to periodic review by the Board, repurchases
may be made at such time and in such amounts as the fund's Manager believes
will further the achievement of the fund's objectives. Depending on market
conditions, available funds, regulatory requirements and alternative
investment opportunities, such repurchases are limited to (1) 5% of the shares
outstanding at the beginning of the calendar year, plus (2) an estimate of
shares to be issued in connection with the current calendar year's dividends,
plus (3) the number of shares authorized for purchase in the previous calendar
year that have not been purchased. In measuring the number of shares
authorized for repurchase, the shares relating to the current calendar year's
dividends are estimated at 50% of&nbsp;the number of shares issued in connection
with the prior calendar year's dividends or until such time during the calendar
year that the fund's Manager has a more accurate projection of the calendar
year's dividends. Repurchases made based on this estimate shall continue to
have been authorized, even if the actual dividend or related share issuance is
lower. During the twelve months ended June 30, 2006, the fund repurchased
no shares pursuant to this&nbsp;share repurchase plan as described above.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Net Asset Value</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund's updated NAV is available daily on its Web site at
<B><FONT SIZE="-1">www.TheKoreaFund.com</FONT></B>. The fund's NAV, as of Friday, is published weekly
on Monday in <I>The Wall Street Journal</I> under the heading &quot;Closed End Funds.&quot;
The fund's market value is published daily in <I>The New York Times</I> and weekly
in <I>Barron's.</I> The fund's NAV is also published weekly in <I>Barron's.</I> </FONT>
</P>
<P ALIGN="LEFT">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section240"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="invsum" ID="invsum"></A>Investment Summary     </FONT><FONT COLOR="#000000">as of June 30, 2006</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_173" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment
return and principal value fluctuate with changing market conditions so that,
when sold, shares may be worth more or less than their original cost. Current
performance may be lower or&nbsp;higher than the performance data quoted. Please
visit www.theKoreaFund.com for the Fund's most recent performance.</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_24" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="12">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Historical Information </FONT></B><FONT SIZE="-2" COLOR="#ffffff">as of 6/30/06</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_162" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="11">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Total Return (%)<SUP>d</SUP></FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_160" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Market Value<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_161" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_160" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Net Asset
Value<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_161" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_160" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Index<SUP>b</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_161" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_160" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Index<SUP>c</SUP></FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_159" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Cumulative</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_159" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Average
Annual</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_136" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_159" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Cumulative</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_159" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Average
Annual</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_136" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_159" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Cumulative</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_159" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Average
Annual</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_136" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_159" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Cumulative</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_159" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Average
Annual</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_134" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Current
Quarter</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">-4.65</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">-3.31</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">-2.44</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">-4.74</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_133" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">One Year</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">35.72</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">35.72</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">36.47</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">36.47</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">40.23</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">40.23</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">28.60</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">28.60</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_133" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Three Year</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">158.25</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">37.20</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">134.93</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">32.94</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">144.55</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">34.69</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">94.46</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">24.79</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_133" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Five Year</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">287.34</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">31.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">236.76</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">27.49</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">212.87</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">25.61</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">128.20</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17.93</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_133" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ten Year</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">136.95</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9.01</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">189.17</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11.20</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">46.78</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3.91</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">72.78</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.62</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_24" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="12">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Per Share Information and Returns<SUP>a</SUP></FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_132" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_137" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="10">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">Yearly periods ended June 30</FONT>
</P>
</TD>
<TD CLASS="CLASS_136" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD COLSPAN="12" ALIGN="CENTER" VALIGN="BOTTOM"><IMG SRC="kor_psi140.gif" ALT="kor_psi140"></TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_132" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">1997</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">1998</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">1999</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2000</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2001</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2002</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_158" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_136" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_131" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net Asset
Value&nbsp;($)</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13.22</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.63</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17.72</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20.04</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13.01</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20.20</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17.62</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">21.55</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">29.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">38.87</FONT>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_130" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Income
Dividends ($)</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.18</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.18</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.30</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.45</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.50</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_130" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Capital Gains
Distributions ($)</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.60</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1.41</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.12</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.67</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.20</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.35</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_129" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total Return&nbsp;(%)</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">-24.40</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">-57.41</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">214.74</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13.09</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">-25.01</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">56.39</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">-8.34</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">24.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">38.66</FONT>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">36.47</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>a</SUP> Total return based on net asset value reflects changes in the Fund's net asset value during each
period. Total return based on market value reflects changes in market value. Each figure assumes
that dividend and capital gains, if any, were reinvested. These figures will differ depending upon
the level of any discount from or premium to NAV at which the Fund's shares traded during the
period.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>b</SUP> Korea Stock Price Index (&quot;KOSPI&quot;) in US dollars.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP><A NAME="invsumend" ID="invsumend"></A>c</SUP>  KOSPI in local terms.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>d</SUP> Returns less than one year are not annualized.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">KOSPI is an unmanaged capitalization-weighted index of all common shares on the Stock Market
Division of the Korea Exchange (formerly the &quot;Korea Stock Exchange&quot;). The index is calculated using
closing local market prices and translates into US dollars using the London close foreign exchange
rates. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees
or expenses. It is not possible to invest directly into an index.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section230"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="portsum" ID="portsum"></A>Portfolio Summary    </FONT><FONT COLOR="#000000">as of June 30, 2006</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Asset Allocation<BR>
</FONT></B><FONT SIZE="-2" COLOR="#ffffff">(Excludes Securities Lending Collateral)</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">6/30/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">6/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Common Stocks</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">85%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">84%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Preferred Stocks</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_70" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Sector Diversification<BR>
</FONT></B><FONT SIZE="-2" COLOR="#ffffff">(Sector breakdown of the Fund's equity securities)</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">6/30/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">6/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Information Technology</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">24%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">28%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financials</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">22%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Consumer Discretionary</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">19%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Consumer Staples</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Materials</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Industrials</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Energy</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Telecommunications Services</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Health Care</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_70" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Asset allocation and sector diversification are subject to change.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_26" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY"><B><FONT SIZE="-2" COLOR="#ffffff">Ten Largest Equity Holdings <BR>
</FONT></B><FONT SIZE="-2" COLOR="#ffffff">As of June 30, 2006 (60.0% of Net Assets)</FONT><B><FONT SIZE="-2" COLOR="#ffffff"> </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#ffffff">June 30, 2006</FONT>
</P>
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#ffffff">(% of Net Assets)</FONT><B><FONT SIZE="-2" COLOR="#ffffff"> </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#ffffff">June 30, 2005</FONT>
</P>
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#ffffff">(% of Net Assets)</FONT><B><FONT SIZE="-2" COLOR="#ffffff"> </FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Samsung Electronics Co., Ltd.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Manufacturer of electronic parts</FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">17.7%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">17.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Samsung Fire &amp; Marine Insurance Co., Ltd.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Provider of insurance products</FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">7.7%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">7.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">POSCO</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Manufacturer of steel </FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">6.5%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">5.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Hyundai Motor Co.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Manufacturer of motor vehicles</FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">6.3%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">5.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Kookmin Bank</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Provider of commercial banking services</FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">5.0%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">3.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">S-Oil Corp.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Refiner of crude oil and seller of petroleum and related
products</FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">4.0%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">5.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">SK Telecom Co., Ltd.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Provider of mobile telecommunication services</FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">3.8%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">3.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Shinsegae Co., Ltd.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Operator of discount stores</FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">3.5%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">3.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Hankook Tire Co., Ltd.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Manufacturer of tires, tire tubes and aluminum alloy
wheels</FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">2.9%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">4.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Seoul Semiconductor Co., Ltd.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Manufactures parts for electric products</FONT>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">2.6%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_185" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">2.3%</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Portfolio holdings are subject to change.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">For more complete details about the Fund's investment portfolio, see page <A HREF="#portfolio">24</A>. A quarterly Fact Sheet
is&nbsp;available upon request. Please call 1-800-349-4281.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be
available on the SEC's Web site at www.sec.gov, and it also may be reviewed
and copied at the SEC's Public Reference Room in Washington, D.C.
Information on the operation of the SEC's Public Reference Room may be
obtained by calling (800)&nbsp;SEC-0330.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section220"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="portfolio" ID="portfolio"></A>Investment Portfolio     </FONT><FONT COLOR="#000000">as of June 30, 2006</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">% of Net
Assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000"><BR>
Shares</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_91" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Common Stocks</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" BGCOLOR="#000000" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#ffffff">83.6</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_106" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Consumer Discretionary</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">9.8</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Auto Components</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">4.6</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hankook Tire Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,576,393</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">30,278,558</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hyundai Mobis </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">132,642</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,226,511</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Nexen Tire Corp. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">191,661</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,828,199</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samsung Climate Control Co., Ltd. (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">560,224</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,460,251</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">47,793,519</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Diversified Consumer Services</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.5</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">MegaStudy Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">59,500</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,801,054</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Hotels Restaurants &amp; Leisure</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">1.6</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hana Tour Service, Inc. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">88,800</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,710,893</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hotel Shilla Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">581,047</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,737,705</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">16,448,598</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Household Durables</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.6</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Woongjin Coway Co., Ltd (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">269,700</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,912,790</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Internet &amp; Catalog Retail</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.3</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">GS Home Shopping, Inc. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">38,044</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,867,084</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Media</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.9</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cheil Communications, Inc. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">46,953</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">9,378,228</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Multiline Retail</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">1.0</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Taegu Department Store Co., Ltd. (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">735,080</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,769,551</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Textiles, Apparel &amp; Luxury Goods</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.3</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BYC Co., Ltd. (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">26,761</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,582,237</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Consumer Staples</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">9.8</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Beverages</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.5</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hite Brewery Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">50,146</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,015,921</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Food &amp; Staples Retailing</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">3.5</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shinsegae Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">72,864</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">36,480,000</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Food Products</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">3.4</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">CJ Corp. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">67,424</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,390,879</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Crown Confectionary Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">64,714</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,786,870</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Nam Yang Dairy Products Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">22,611</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16,372,867</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Nhong Shim Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,680</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,449,275</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">35,999,891</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Personal Products</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.2</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cosmax, Inc. (a)</FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">507,600</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,634,972</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Tobacco</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">2.2</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">KT&amp;G Corp. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">396,585</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">23,157,638</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Energy</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">4.9</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Oil, Gas &amp; Consumable Fuels </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">S-Oil Corp. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">503,401</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">35,602,853</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">SK Corp. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">241,017</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15,496,218</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">51,099,071</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Financials</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">18.6</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Capital Markets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">1.3</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Korea Investment Holdings Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">262,439</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,575,082</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samsung Securities Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">89,300</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,809,729</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">13,384,811</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Commercial Banks</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">8.5</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hana Financial Group, Inc. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">170,700</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,024,474</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Industrial Bank of Korea </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">845,100</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,252,016</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Jeonbuk Bank (a) (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,757,473</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,819,271</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kookmin Bank </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">594,638</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">48,887,235</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kookmin Bank (ADR) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">40,412</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,356,621</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">89,339,617</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Consumer Finance</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.8</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">LG Card Co., Ltd.* </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">168,221</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,324,612</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Insurance</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">8.0</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Korean Reinsurance Co. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">865,426</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,714,664</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Meritz Fire &amp; Marine Insurance Co. Ltd. (a) (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,371,030</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,075,172</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samsung Fire &amp; Marine Insurance Co., Ltd. (a)</FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">399,710</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">53,715,968</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">83,505,804</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Health Care</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">0.5</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Pharmaceuticals </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Choongwae Pharma Corp. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,799</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">73,761</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Yuhan Corp. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">34,679</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,318,361</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,392,122</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Industrials</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">6.9</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Building Products</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.2</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samwoo EMC Co., Ltd. (a)</FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">510,926</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">1,777,134</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Commercial Services &amp; Supplies</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">1.5</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Insun ENT Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">196,229</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,964,875</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">S1 Corp. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">306,554</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,764,638</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">15,729,513</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Construction &amp; Engineering</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">1.1</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">GS Engineering &amp; Construction Corp. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">153,500</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,934,018</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samho International Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">141,088</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,933,222</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">11,867,240</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Electrical Equipment</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">2.6</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seoul Semiconductor Co., Ltd. (a) (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,292,915</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">26,778,161</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Machinery</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.0</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">NEPES Corp.* </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">26</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">208</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Road &amp; Rail</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">1.5</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Korea Express Co., Ltd.* </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">219,344</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">15,929,172</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Information Technology</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">20.0</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Electronic Equipment &amp; Instruments</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">2.4</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ace Digitech Co. Ltd.* (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">286,535</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,409,392</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">INTOPS Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">109,997</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,608,625</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">KH Vatec Co., Ltd.* (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">96,631</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,593,966</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">LG.Philips LCD Co., Ltd. (ADR)* (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">300,247</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,440,476</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">SE Co., Ltd.* (a) (c)</FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">636,950</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">0</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">SFA Engineering Corp. (a) (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">315,573</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,042,976</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">25,095,435</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Internet Software &amp; Services</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">1.6</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ahnlab, Inc. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">80,869</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,875,223</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">NHN Corp.* </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">42,215</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,683,478</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">16,558,701</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_81" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Semiconductors &amp; Semiconductor Equipment</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">16.0</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Phicom Corp. (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">896,116</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,625,881</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Phoenix PDE Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">582,100</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,613,698</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samsung Electronics Co., Ltd. (d)</FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">230,350</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">146,404,269</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Simm Tech Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">739,583</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,873,295</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">167,517,143</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Materials</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">9.3</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Chemicals</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">1.2</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">LG Chem Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">121,334</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,220,313</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samsung Fine Chemicals Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">249,682</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,329,225</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Youlchon Chemical Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">224,695</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,036,761</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">12,586,299</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Metals &amp; Mining</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">8.1</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dongkuk Steel Mill Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">673,185</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,565,655</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Korea Zinc Co., Ltd. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">62,300</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,885,502</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">POSCO </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">254,977</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">68,396,993</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">84,848,150</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Telecommunication Services</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">3.8</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Wireless Telecommunication Services </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">SK Telecom Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">187,154</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">40,241,809</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_92" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Common Stocks </B>(Cost $257,617,728)</FONT>
</P>
</TD>
<TD CLASS="CLASS_55" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">875,816,485</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_184" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="4">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_91" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Preferred Stocks</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" BGCOLOR="#000000" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#ffffff">15.2</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_106" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Consumer Discretionary</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">6.3</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Automobiles </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hyundai Motor Co. (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">841,120</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">40,870,231</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hyundai Motor Co. (2nd) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">499,954</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">25,030,635</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">65,900,866</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Consumer Staples</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">1.4</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Food Products </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">CJ Corp. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">176,578</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,050,289</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">CJ Corp. (2nd) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">34,073</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,106,524</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">CJ Corp. (3rd) (Convertible) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,126</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,750,087</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">14,906,900</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Energy</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">0.6</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Oil, Gas &amp; Consumable Fuels </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">S-Oil Corp. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">105,626</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,889,450</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Financials</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">3.1</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Capital Markets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">0.5</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Daishin Securities Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">399,181</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,301,376</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Insurance</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3300d9">2.6</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samsung Fire &amp; Marine Insurance Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">360,865</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">27,537,946</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Information Technology</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-1" COLOR="#000000">3.8</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_81" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#3300d9">Semiconductors &amp; Semiconductor Equipment </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samsung Electronics Co., Ltd. (d) </FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">80,864</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">39,462,484</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_92" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Preferred Stocks</B> (Cost $21,157,048)</FONT>
</P>
</TD>
<TD CLASS="CLASS_55" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">158,999,022</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Principal</FONT></B>
</P>
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Amount</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_91" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Convertible Bond 0.0%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" BGCOLOR="#000000" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#ffffff">0.0</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_106" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Consumer Staples </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Haitai Confectionery Loan Certificates Zero
Coupon, 11/28/2009* (e) (Cost $0)</FONT>
</P>
</TD>
<TD CLASS="CLASS_66" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&nbsp;&nbsp;Won&nbsp;&nbsp;8,119,549</FONT>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,706</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000"><BR>
Shares</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_91" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Securities Lending Collateral</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" BGCOLOR="#000000" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#ffffff">7.2</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_106" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Daily Assets Fund Institutional, 5.1% (f) (g)
(Cost&nbsp;$75,851,540) </FONT>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">75,851,540</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">75,851,540</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_91" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Cash Equivalents</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" BGCOLOR="#000000" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#ffffff">0.0</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_106" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cash Management QP Trust, 5.07% (h)
(Cost&nbsp;$29,177) </FONT>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">29,177</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">29,177</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_183" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_87" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Investment Portfolio</B> (Cost $354,655,493)<SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_62" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     106.0</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_57" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_57" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     1,110,703,930</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Other Assets and Liabilities, Net </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (6.0)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (62,617,344)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Net Assets</B></FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     100.0</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_55" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_55" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     1,048,086,586</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    Non-income producing security.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP> The cost for federal income tax purposes was $354,655,493. At June 30, 2006, net unrealized
appreciation for all securities based on tax cost was $756,048,437. This consisted of aggregate
gross unrealized appreciation for all securities in which there was an excess of value over tax cost
of $767,354,484 and aggregate gross unrealized depreciation for all securities in which there was
an excess of tax cost over value of $11,306,047.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(a)  Affiliated issuer (see Notes to Financial Statements).</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(b)  All or a portion of these securities were on loan (see Notes to Financial Statements). The value of
all securities loaned at June 30, 2006 amounted to $72,833,661 which is 6.9% of net assets.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(c)  The Fund may purchase securities that are subject to legal or contractual restrictions on resale
(&quot;restricted securities&quot;). Restricted securities are securities which have not been registered with the
Securities and Exchange Commission under the Securities Act of 1933. The fund may be unable to
sell a restricted security and it may be more difficult to determine a market value for a restricted
security. Moreover, if adverse market conditions were to develop during the period between the
Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to
sell such security, the Fund might obtain a price less favorable than the price that prevailed when it
decided to sell. This investment practice, therefore, could have the effect of increasing the level of
illiquidity of the Fund. The future value of these securities is uncertain and there may be changes in
the estimated value of these securities.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_3">
<TD CLASS="CLASS_157" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Restricted
Securities</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_157" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Acquisition
Date</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_155" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Cost ($)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_155" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_155" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As a % of
Net&nbsp;Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">SE Co., Ltd.</FONT>
</P>
</TD>
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        12/22/2000</FONT>
</P>
</TD>
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,616,637</FONT>
</P>
</TD>
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        0</FONT>
</P>
</TD>
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        0</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(d)  At June 30, 2006, 17.7% of the Fund's net assets is invested in Samsung Electronics Co., Ltd.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(e)  Company in restructuring process, principal only subject to repayment.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(f)  Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche Asset Management, Inc.
The rate shown is the annualized seven-day yield at period end.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(g)  Represents collateral held in connection with securities lending.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(h)  Cash Management QP Trust, an affiliated fund, is managed by Deutsche Investment Management
Americas Inc. The rate shown is the annualized seven-day yield at period end.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_6">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Currency Abbreviation</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Won     Korean Won</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT">
</P>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section210"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="fins" ID="fins"></A>Financial Statements</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_24" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Assets and Liabilities</FONT><FONT SIZE="-2" COLOR="#000000"> </FONT></B><FONT SIZE="-2" COLOR="#ffffff">as of June 30, 2006 </FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_181" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_103" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments in securities, at value:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Unaffiliated issuers (cost $263,728,394) &#151; including $72,833,661 of
securities&nbsp;loaned</FONT>
</P>
</TD>
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       993,815,250</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Affiliated issuers &#151; Note I (cost $15,046,382)</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        41,007,963</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investment in Daily Assets Fund Institutional (cost&nbsp;$75,851,540)</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        75,851,540<SUP>*</SUP></FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investment in Cash Management QP Trust (cost&nbsp;$29,177)</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        29,177</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total investments in securities, at value (cost $354,655,493)</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,110,703,930</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cash</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        278</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Korean won, at value (cost $14,189,909)</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,301,052</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends receivable</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,535,790</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest receivable</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        76,215</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other assets</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        17,711</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total assets</FONT>
</P>
</TD>
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,127,634,976</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_181" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Liabilities</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_126" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Payable for investment purchased</FONT>
</P>
</TD>
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,129,293</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Payable upon return of securities loaned</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        75,851,540</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Note payable</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        50,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accrued management fee</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        488,700</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other accrued expenses and payables</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,028,857</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total liabilities</FONT>
</P>
</TD>
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        79,548,390</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets, at value</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    1,048,086,586</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_181" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Net Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_103" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets consist of:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Undistributed net investment income</FONT>
</P>
</TD>
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,886,729</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_102" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        756,048,437</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Won related transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        127,593</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accumulated net realized gain (loss)</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        129,474,042</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cost of 23,041,555 shares held in treasury</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (687,630,331)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paid-in capital</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        845,180,116</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets, at value</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    1,048,086,586</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net Asset Value</FONT></B><FONT SIZE="-2" COLOR="#000000"> per share ($1,048,086,586 &divide; 26,967,347 shares of common
stock issued and outstanding, $.01 par value, 200,000,000 shares
authorized)</FONT>
</P>
</TD>
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    38.87</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>*</SUP><I> Represents collateral on securities loaned.</I></FONT>
</P>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_24" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Operations </FONT></B><FONT SIZE="-2" COLOR="#ffffff">for the year ended June 30, 2006</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_182" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Investment Income</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Income:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends &#151; unaffiliated issuers (net of foreign taxes withheld
of&nbsp;$3,507,915)</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       17,403,341</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends &#151; affiliated issuers (net of foreign taxes withheld of $430,246)</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,286,031</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        161,756</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest &#151; Cash Management QP Trust</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        98,082</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Securities lending income, including income from Daily Assets Fund
Institutional, net of borrower rebates</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        303,353</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total Income </FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        20,252,563</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Expenses:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Management fee</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6,195,529</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Services to shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        34,255</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Custodian and accounting fees</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,703,998</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Auditing</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        84,872</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Legal</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        973,050</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Directors' fees and expenses</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        240,010</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Reports to shareholders and annual meeting</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        498,735</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest expense</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        30,215</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Stock exchange listing fees</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        116,170</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Marketing</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        34,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        206,146</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses, before expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10,116,980</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (11,817)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses, after expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10,105,163</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net investment income (loss)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     10,147,400</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_181" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Realized and Unrealized Gain (Loss) on Investment Transactions</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) from:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments &#151; Unaffiliated issuers</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        420,923,458</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments &#151; Affiliated issuers</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        29,918,995</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Won related transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        949,180</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        451,791,633</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) during the period on:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (116,092,258)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Won related transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        767,067</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (115,325,191)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net gain (loss) on investment transactions</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     336,466,442</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from operations</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    346,613,842</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_24" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Changes in Net Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_180" ALIGN="LEFT" VALIGN="BOTTOM" ROWSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Increase (Decrease) in Net Assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_156" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Years Ended June 30,</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_155" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_155" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_117" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Operations:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income (loss)</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       10,147,400</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       17,984,136</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_117" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) on investment transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        451,791,633</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        21,533,645</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_117" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) during the
period on investment transactions </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (115,325,191)</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        327,247,329</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from
operations</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        346,613,842</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        366,765,110</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions to shareholders from:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (14,981,852)</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (20,115,675)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gains</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (10,487,297)</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (8,940,299)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_117" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Fund share transactions:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cost of shares tendered</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (573,899,756)</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets from Fund share
transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (573,899,756)</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Increase (decrease) in net assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (252,755,063)</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        337,709,136</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_117" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at beginning of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,300,841,649</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        963,132,513</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at end of period (including undistributed
net investment income of $4,886,729 and $8,772,000,
respectively)</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    1,048,086,586</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    1,300,841,649</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_179" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Other Information</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_118" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shares outstanding at beginning of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        44,701,493</FONT>
</P>
</TD>
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        44,701,493</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_117" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shares tendered</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (17,734,146)</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_117" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shares outstanding at end of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        26,967,347</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        44,701,493</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT">
</P>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section200"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="high" ID="high"></A>Financial Highlights</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_91" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="MIDDLE">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Years Ended June 30,</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2002</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_178" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Per Share Operating Performance</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_122" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, beginning of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    29.10</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    21.55</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    17.62</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    20.20</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    13.01</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_85" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Income (loss) from investment operations</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income (loss)<SUP>a</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .33</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .40</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .20</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .17</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .11</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized and unrealized gain (loss) on
investment transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9.89</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.80</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3.90</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (1.90)</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.20</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_85" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total from investment operations</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.22</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        8.20</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (1.73)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.31</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Less distributions from:</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.50)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.45)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.30)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.18)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gains on investment transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.35)</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.20)</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.67)</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.12)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total distributions</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.85)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.65)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.30)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.85)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.12)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">NAV accretion resulting from repurchases, shares
tendered and reinvestment of distributions for
shares at value</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .40</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .13</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .00<SUP>b</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .00<SUP>b</SUP></FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_85" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, end of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    38.87</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    29.10</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    21.55</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    17.62</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    20.20</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Market value, end of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    36.33</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    27.35</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    18.85</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    14.99</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    16.44</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_178" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Total Return</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_122" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Per share net asset value (%)<SUP>c</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        36.47</FONT>
</P>
</TD>
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38.66</FONT>
</P>
</TD>
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        24.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (8.34)</FONT>
</P>
</TD>
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        56.39</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Per share market value (%)<SUP>c</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        35.72</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        49.06</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        27.66</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (4.29)</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        56.71</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_178" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ratios to Average Net Assets and Supplemental Data</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_122" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets, end of period ($&nbsp;millions)</FONT>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,048</FONT>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,301</FONT>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        963</FONT>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        879</FONT>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,009</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses (%)</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .89</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.13</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.27</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.26</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.21</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of net investment income (loss)&nbsp;(%)</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .90</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.58</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .94</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .99</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portfolio turnover rate&nbsp;(%)</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        20</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        18</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>a</SUP> Based on average shares outstanding during the period.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>b</SUP> Amount is less than $.005 per share.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>c</SUP> Total return based on net asset value reflects changes in the Fund's net asset value during the
period. Total return based on market value reflects changes in market value. Each figure includes
reinvestments of distributions. These figures will differ depending upon the level of any discount
from, or premium to, net asset value at which the Fund's shares trade during the period.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section1F0"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="notes" ID="notes"></A>Notes to Financial Statements    </FONT><I><FONT COLOR="#000000">&nbsp;</FONT></I></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">A. Significant Accounting Policies</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Korea Fund, Inc. (the &quot;Fund&quot;) is registered under the Investment Company Act
of 1940, as amended (the &quot;1940 Act&quot;), as a closed-end, non-diversified management
investment company organized as a Maryland corporation.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require the use of
management estimates. Actual results could differ from those estimates. The policies
described below are followed consistently by the Fund in the preparation of its
financial statements.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Security Valuation.</FONT></B> Investments are stated at value determined as of the close of
regular trading on the New York Stock Exchange on each day the exchange is open
for trading. Equity securities are valued at the most recent sale price or official closing
price reported on the exchange (US or foreign) or over-the-counter market on which
the security is traded most extensively. Securities for which no sales are reported are
valued at the calculated mean between the most recent bid and asked quotations on
the relevant market or, if a mean cannot be determined, at the most recent bid
quotation. Debt securities are valued by independent pricing services approved by the
Directors of the Fund. If the pricing services are unable to provide valuations,
securities are valued at the most recent bid quotation or evaluated price, as applicable,
obtained from a broker-dealer. Such services may use various pricing techniques
which take into account appropriate factors such as yield, quality, coupon rate,
maturity, type of issue, trading characteristics and other data, as well as broker quotes.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Money market instruments purchased with an original or remaining maturity of sixty
days or less, maturing at par, are valued at amortized cost. Investments in open-end
investment companies and Cash Management QP Trust are valued at their net asset
value each business day.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Securities and other assets for which market quotations are not readily available or for
which the above valuation procedures are deemed not to reflect fair value are valued
in a manner that is intended to reflect fair value as determined in accordance with
procedures approved by the Directors. The Fund uses a fair valuation model to value
Korean equity securities that takes into account events which have happened
subsequent to the Korea market closing up to the close of the New York Stock
Exchange.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Securities Lending.</FONT></B> Effective December 14, 2005, the Fund may lend securities to
financial institutions. The Fund retains beneficial ownership of the securities it has
loaned and continues to receive interest and dividends paid by the securities and to
participate in any changes in their value. The Fund requires the borrowers of the
securities to maintain collateral with the Fund consisting of liquid, unencumbered
assets having a value at least equal to the value of the securities loaned. The Fund
may invest the cash collateral into a joint trading account in an affiliated money
market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives
compensation for lending its securities either in the form of fees or by earning
interest on invested cash collateral net of fees paid to a lending agent. Either the
Fund or the borrower may terminate the loan. The Fund is subject to all investment
risks associated with the value of any cash collateral received, including, but not
limited to, interest rate, credit and liquidity risk associated with such investments. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Foreign Currency Translations.</FONT></B> The books and records of the Fund are maintained
in US dollars. Investment securities and other assets and liabilities denominated in a
foreign currency are translated into US dollars at the prevailing exchange rates at
period end. Purchases and sales of investment securities, income and expenses are
translated into US dollars at the prevailing exchange rates on the respective dates of
the transactions.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Net realized and unrealized gains and losses on foreign currency transactions
represent net gains and losses between trade and settlement dates on securities
transactions, the disposition of forward foreign currency exchange contracts and
foreign currencies, and the difference between the amount of net investment income
accrued and the US dollar amount actually received. That portion of both realized
and unrealized gains and losses on investments that results from fluctuations in
foreign currency exchange rates is not separately disclosed but is included with net
realized and unrealized gains and losses on investment securities.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">At June 30, 2006, the exchange rate for Korean won was W 948.75 to US $1.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Taxes.</FONT></B> The Fund's policy is to comply with the requirements of the Internal Revenue
Code, as amended, which are applicable to regulated investment companies and to
distribute all of its taxable income to its shareholders. Accordingly, the Fund paid no
federal income taxes and no federal income tax provision was required. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Under the United States-Korea Income Tax Treaty (the &quot;Treaty&quot;), as presently in
effect, the government of Korea imposes a nonrecoverable withholding tax and
resident tax aggregating 16.5% on dividends and 13.2% on interest earned by the
Fund from Korean issuers. Under the Treaty, there is no Korean withholding tax on
realized capital gains.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund was subject to a securities transaction tax aggregating $2,239,363, due to
the tender offer and redemption-in-kind of the Fund's Korean securities that
occurred on August 22, 2005 (see Notes D and K). This tax was charged to net
realized gain (loss) from investments.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In July 2006, the Financial Accounting Standards Board (FASB) issued Interpretation
No. 48, &quot;Accounting for Uncertainty in Income Taxes &#151; an interpretation of FASB
Statement No. 109&quot; (the &quot;Interpretation&quot;). The Interpretation establishes for the
Fund a minimum threshold for financial statement recognition of the benefit of
positions taken in filing tax returns (including whether the Fund is taxable in certain
jurisdictions), and requires certain expanded tax disclosures. The Interpretation is
effective for fiscal years beginning after December 15, 2006. Management will begin
to evaluate the application of the Interpretation to the Fund and is not in a position
at this time to estimate the significance of its impact, if any, on the Fund's financial
statements. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Distribution of Income and Gains.</FONT></B> Net investment income of the Fund is declared
and distributed to shareholders annually. Net realized gains from investment
transactions, in excess of available capital loss carryforwards, would be taxable to the
Fund if not distributed, and, therefore, will be distributed to shareholders at least
annually.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The timing and characterization of certain income and capital gains distributions are
determined annually in accordance with federal tax regulations which may differ
from accounting principles generally accepted in the United States of America. These
differences primarily relate to investments in passive foreign investment companies,
foreign denominated securities and certain securities sold at a loss. As a result, net
investment income (loss) and net realized gain (loss) on investment transactions for a
reporting period may differ significantly from distributions during such period.
Accordingly, the Fund may periodically make reclassifications among certain of its
capital accounts without impacting the net asset value of the Fund. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">At June 30, 2006, the Fund's components of distributable earnings on a tax basis
were as follows:</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_7">
<TD CLASS="CLASS_121" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Undistributed ordinary income*</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       5,067,104</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_120" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Undistributed net long-term capital gains</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       129,293,667</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_120" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Unrealized appreciation (depreciation) on investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       756,048,437</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">In addition, the tax character of distributions paid to shareholders by the Fund is
summarized as follows:</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_3">
<TD CLASS="CLASS_119" ALIGN="LEFT" VALIGN="BOTTOM" ROWSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_154" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Years Ended June 30,</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_153" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_153" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_118" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions from ordinary income*</FONT>
</P>
</TD>
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       14,981,852</FONT>
</P>
</TD>
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       20,115,675</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_117" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions from long-term capital gains</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       10,487,297</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       8,940,299</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    For tax purposes short-term capital gains distributions are considered ordinary income distributions.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Dividend Income.</FONT></B> Dividend income is recorded on the ex-dividend date net of
foreign withholding taxes. Korean-based corporations have generally adopted
calendar year-ends, and their interim and final corporate actions are normally
approved, finalized and announced by their boards of directors and shareholders
in&nbsp;the first and third quarters of each calendar year. Generally, estimates of their
dividends are accrued by management on the ex-dividend date principally in the
prior December and/or June period ends. These dividend announcements are
recorded by the Fund on such ex-dividend dates. Any subsequent adjustments
thereto by Korean corporations are recorded when announced. Presently, dividend
income from Korean equity investments is earned primarily in the last calendar
quarter of each year, and will be received primarily in the first calendar quarter of
each year. Certain other dividends and related withholding taxes, if applicable, from
Korean securities may be recorded subsequent to the ex-dividend date as soon as the
Fund is informed of such dividends and taxes.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Contingencies.</FONT></B> In the normal course of business, the Fund may enter into contracts
with service providers that contain general indemnification clauses. The Fund's
maximum exposure under these arrangements is unknown as this would involve
future claims that may be made against the Fund that have not yet been made.
However, based on experience, the Fund expects the risk of loss to be remote.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other.</FONT></B> Investment transactions are accounted for on a trade date plus one basis for
daily net asset value calculations. However, for financial reporting purposes,
investment security transactions are reported on trade date. Interest income is
recorded on the accrual basis. Realized gains and losses from investment transactions
are recorded on an identified cost basis.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">B. Purchases and Sales of Securities</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">During the year ended June 30, 2006, purchases and sales of investment securities
(excluding short-term investments and in-kind redemptions) aggregated $95,250,274
and $223,556,939, respectively.  </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In connection with the tender offer (see Note K), the Fund distributed Korean
portfolio securities and cash as payment for the tendered shares (in-kind
redemption). For financial reporting purposes, the Fund recognizes a gain on in-kind
redemptions to the extent the value of the distributed securities exceeds their cost.
Gains realized on in-kind redemptions are not recognized for federal income tax
purposes, and were reclassified from accumulated net realized gain (loss) to paid-in
capital at year-end. During the year ended June 30, 2006, the Fund realized
$321,879,835 of net gain on such in-kind redemptions.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">C. Related Parties</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Management Agreement.</FONT></B> Under the Management Agreement with Deutsche
Investment Management Americas Inc. (&quot;DeIM&quot; or the &quot;Manager&quot;), an indirect,
wholly owned subsidiary of Deutsche Bank AG, the Manager directs the investments
of the Fund in accordance with its investment objectives, policies and restrictions.
The Manager determines the securities, instruments and other contracts relating to
investments to be purchased, sold or entered into by the Fund. In addition to
portfolio management services, the Manager provides certain administrative services
in accordance with the Management Agreement. The management fee payable is
equal to an annual rate of 0.60% on the first $250,000,000 of the Fund's month-end
net assets, 0.575% on the next $250,000,000 of such net assets, 0.55% on the next
$250,000,000 of such net assets, 0.525% on the next $250,000,000 of such net
assets, and 0.50% of such net assets in excess of $1,000,000,000. For the year ended
June 30, 2006, the fee pursuant to the management agreement was equivalent to an
annual effective rate of 0.55%&nbsp;of the Fund's average month-end net assets.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Investment Trust Management Company Limited (&quot;DeITMC&quot;), also a
wholly owned subsidiary of Deutsche Bank AG, serves as subadvisor to the Fund.
DeITMC renders investment advisory and management services with regard to the
Fund's portfolio. From time to time, DeITMC makes specific investment
recommendations, which then are evaluated by DeIM's portfolio managers in light of
their own expertise and information from other sources in making investment
decisions for the Fund. The Manager compensates DeITMC out of its management
fee it received.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Service Provider Fees.</FONT></B> DWS Scudder Investments Service Company
(&quot;DWS-SISC&quot;), an affiliate of the Manager, is the&nbsp;transfer agent, dividend-paying
and shareholder service agent for the Fund. Pursuant to a sub-transfer agency
agreement between DWS-SISC and DST Systems, Inc. (&quot;DST&quot;), DWS-SISC has
delegated certain transfer agent and dividend-paying agent functions to DST.
DWS-SISC compensates DST out of the shareholder servicing fee it receives from
the Fund. For the year ended June 30, 2006, the amount charged to the Fund by
DWS-SISC aggregated $16,200, of which $4,050 is unpaid.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">DWS Scudder Service Corporation (&quot;DWS-SSC&quot;), a subsidiary of the Manager, is
the shareholder communications agent of the Fund. For the year ended June 30,
2006 the amount charged to the Fund by DWS-SSC aggregated $15,000, of which
$3,750 is unpaid.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">DWS Scudder Fund Accounting Corporation (&quot;DWS-SFAC&quot;), also a subsidiary of
the Manager, is responsible for determining the daily net asset value per share and
maintaining the&nbsp;portfolio and general accounting records of the Fund. Pursuant to a
sub-accounting agreement between DWS-SFAC and State Street Bank and Trust
Company (&quot;SSB&quot;), DWS-SFAC has delegated all accounting functions to SSB.
DWS-SFAC compensates SSB out of the accounting fee it receives from the Fund.
For the year ended June 30, 2006, the amount charged to the Fund by DWS-SFAC
aggregated $483,568, of which&nbsp;$51,497 is unpaid.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Directors' Fees and Expenses.</FONT></B> The Fund pays each Director not affiliated with the
Manager retainer fees plus specified amounts for attended board and committee
meetings.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Cash Management QP Trust.</FONT></B> Pursuant to an Exemptive Order issued by the SEC,
the Fund may invest in the Cash Management QP Trust (the &quot;QP&nbsp;Trust&quot;) and other
affiliated funds managed by the Manager. The QP Trust seeks to provide as high a
level of current income as is consistent with the preservation of capital and the
maintenance of liquidity. The QP Trust does not pay its Manager a management fee
for the affiliated funds' investments in the QP Trust.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">D. Foreign Investment and Exchange Controls in Korea</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Foreign Exchange Transaction Act, the Presidential Decree relating to such Act
and the regulations of the Minister of Finance and Economy issued thereunder
impose certain limitations and controls which generally affect foreign investors in
Korea. Through August 18, 2005, the Fund had a license from the Ministry of
Finance and Economy to invest in Korean securities and to repatriate income
received from dividends and interest earned on, and net realized capital gains from,
its investments in Korean securities or to repatriate from investment principal up to
10% of the net asset value (taken at current value) of the Fund (except upon
termination of the Fund, or for expenses in excess of Fund income, in which case the
foregoing restriction shall not apply). Under the Foreign Exchange Transaction Act,
the Minister of Finance and Economy has the power, with prior public notice of
scope and duration, to suspend all or a part of foreign exchange transactions when
emergency measures are deemed necessary in case of radical change in the
international or domestic economic situation. The Fund could be adversely affected
by delays in, or the refusal to grant, any required governmental approval for such
transactions.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In order to complete its tender offer (See Note K), however, the Fund relinquished its
license from the Korean Ministry of Finance and Economy effective August 19,
2005. The Fund had engaged in negotiations with the Korean Ministry of Finance
and Economy concerning the feasibility of the Fund's license being amended to allow
the Fund to repatriate more than 10% of Fund capital. However, the Ministry of
Finance and Economy advised the Fund that the license cannot be amended as a
result of a change in the Korean regulations. As a result of the relinquishment of the
license, the Fund is subject to the Korean securities transaction tax equal to 0.3% of
the fair market value of any portfolio securities transferred by the Fund on the Korea
Exchange and 0.5% of the fair market value of any portfolio securities transferred
outside of the Korea Exchange. The relinquishment will not otherwise affect the
Fund's operations. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Various restrictions currently apply with respect to investing in equity securities of
Korean banks and certain designated public corporations and telecommunications
corporations listed on the Korea Exchange. As of June 30, 2006, the Fund and its
affiliates would require the approval of the Financial Supervisory Commission
(the&nbsp;&quot;FSC&quot;) before obtaining aggregate beneficial ownership of more than 10% of
the outstanding voting shares of a national bank such as Kookmin Bank or 15% of
the&nbsp;outstanding voting shares of a regional bank such as Jeonbuk Bank, and
additional FSC approvals would be required before specified higher ownership
percentages could be exceeded. With respect to certain public and
telecommunications corporations, the Fund's holdings in each of GS Home
Shopping, Inc. and SK&nbsp;Telecom Co., Ltd. were subject to a foreign ownership limit
of 49% as of June 30, 2006.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">E. Investing in the Korean Market</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Investing in the Korean market may involve special risks and considerations not
typically associated with investing in the United States of America. These risks
include revaluation of currency, high rates of inflation, Korean taxes, repatriation
restrictions on income and capital, corporate bankruptcy and future adverse political,
social and economic developments. Moreover, securities issued in this market may be
less liquid, subject to government ownership controls, delayed settlements and their
prices more volatile than those of comparable securities in the United States of
America.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">F. Ownership of the Fund</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">At June 30, 2006, the City of London Investment Group PLC held approximately
24% of the outstanding shares of the Fund.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">G. Line of Credit</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund and several other affiliated funds (the &quot;Participants&quot;) share in a $750
million revolving credit facility administered by JPMorgan Chase Bank N.A. for
temporary or emergency purposes that otherwise might require the untimely
disposition of securities. The Participants are charged an annual commitment fee
which is allocated, based upon net assets, among each of the Participants. Interest is
calculated at the Federal Funds Rate plus 0.5 percent. The Fund may borrow up to a
maximum of 5&nbsp;percent of its net assets under the agreement. At June 30, 2006, the
Fund had a $50,000 outstanding loan. Interest expense incurred on the borrowings
was $30,215 for the year ended June 30, 2006. The average dollar amount of the
borrowings was $6,000,000 and the weighted average interest rate on these
borrowings was 4.64%.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">H. Expense Reductions</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">For the year ended June 30, 2006, the Manager agreed to reimburse the Fund
$11,817, which represents a portion of the fee savings expected to be realized by the
Manager related to the outsourcing by the Manager of certain administrative services
to an unaffiliated service provider.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">I. Transactions in Securities of Affiliated Issuers</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">An affiliated issuer is a company in which the Fund has ownership of at least 5% of
the voting securities. A summary of the Fund's transactions during the year ended
June 30, 2006 with companies which are or were affiliates is as follows:</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_3">
<TD CLASS="CLASS_163" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Affiliate</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_151" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Common/
Preferred
Shares</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_152" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Total</FONT></B>
</P>
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Purchase
Cost&nbsp;($)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_152" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Total
Sales</FONT></B>
</P>
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Cost&nbsp;($)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_150" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Total</FONT></B>
</P>
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Realized
Gain/
(Loss)&nbsp;($)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_151" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Dividend
Income
($)*</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_150" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Value at </FONT></B>
</P>
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">June 30,
2006 ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Anycell, Inc. </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,020,774</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (2,020,774)</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BYC Co., Ltd.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        26,761</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        667,318</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        168,994</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        16,535</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">CJ Corp </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        298,201</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,670,756</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6,732,862</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        407,605</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cosmax, Inc.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        507,600</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,240,531</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Crown
Confectionary</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        64,714</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,149,890</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (336,246)</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        53,316</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Daeyang E&amp;C Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,360,494</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,450,762</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interflex Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        12,810,615</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (3,079,951)</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        37,242</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Jeonbuk Bank</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,757,473</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,077,651</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,540,644</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        155,465</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Meritz Fire &amp;
Marine
Insurance&nbsp;Co.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,371,030</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,347,432</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,546,603</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        288,388</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Nam Yang Dairy
Products Co., Ltd. </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        22,611</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,212,037</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,498,526</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        17,822</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Phicom Corp.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        896,116</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,382,867</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,364,592</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,949,906</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        124,906</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samsung Climate
Control Co., Ltd.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        560,224</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        934,798</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        633,879</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,847</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,460,251</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Samwoo EMC
Co.,&nbsp;Ltd.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        510,926</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        676,041</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        476,082</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        63,141</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">SE Co. Ltd.**</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        636,950</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        0</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_115" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seoul Semiconductor
Co., Ltd.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,292,915</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,595,291</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,130,582</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        187,488</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        26,778,161</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_115" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">SFA Engineering Co.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        315,573</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,713,145</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,940,423</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        285,992</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        N/A</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Sungshin Cement
Co., Ltd.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,496,477</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (419,683)</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        92,418</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_115" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Taegu Department
Store Co., Ltd.</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        735,080</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,901,793</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,706,386</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        541,866</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10,769,551</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_165" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     5,623,398</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     54,999,104</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_58" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     29,918,995</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     2,286,031</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_58" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     41,007,963</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">N/A     <I>No longer an affiliate at June 30, 2006</I></FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    Net of foreign taxes withheld.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">**<SUP> </SUP><I>Restricted security</I></FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">J. Share Repurchases</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund has a share repurchase plan to effect periodic repurchases of its shares in
the open market from time to time when the Fund's shares trade at a discount to
their net asset value per share. The Fund did not repurchase shares during the year
ended June 30, 2006 and the year ended June 30, 2005.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">K. Tender Offer </FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In accordance with the Fund's Board of Directors approval on December 15, 2004,
of an offer to repurchase 50% of the Fund's outstanding shares, on July 8, 2005, the
Fund commenced a tender offer for up to 22,350,747 of its shares, representing
approximately 50% of its issued and outstanding shares of common stock, in
exchange for Korean portfolio securities of the Fund at a price per share equal to 98%
of the net asset value per share as of the day after the offer expires. Shareholders
exchanging their shares in the offer received a pro rata share of the Fund's portfolio.
The tender offer remained open through August 19, 2005. The shares tendered were
14,737,788 with a value of $459,612,656. The tender offer was conducted in order
to provide shareholders with an alternative source of liquidity for their investment in
Fund shares and as part of the Fund's continuous efforts to provide additional value
to shareholders.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The program for future tender offers consists of semiannual offers, each to repurchase
10% of the Fund's shares then outstanding, at a price of 98% of net asset value on
the day after expiration of the offer, in the three calendar years following completion
of the initial offer. Each of these subsequent offers would be made, subject to
regulatory approvals, fiduciary and other applicable requirements, if the Fund's shares
traded on the New York Stock Exchange at an average weekly discount from net asset
value greater than 5% during a 13-week measuring period ending the last day of the
preceding half-year.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">With respect to the 13-week measuring period ended December 31, 2005, on
January 19, 2006, the Fund commenced a tender offer for cash for up to
2,996,370.371 of its shares of common stock, representing approximately 10% its
outstanding shares, at a price per share equal to 98% of the net asset value per share
on February 17, 2006, the day after expiration of the offer. The shares tendered were
2,996,358.371 with a value of $114,287,100.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">With respect to the 13-week measuring period ended June 30, 2006, on July 12,
2006, the Board met to consider a 10% repurchase offer pursuant to the repurchase
program. On July 19, 2006, the Board announced that the Fund's average discount
for the 13-week measurement period ended June 30, 2006 was 6.63%, and that as a
result the Fund plans to commence a further tender for up to 10% of the Fund's
shares during the third quarter of 2006. In light of potential adverse tax consequences
of successive cash tender offers, the Board has determined that this next tender offer
will be made as an in-kind offer consistent with the terms of the plan originally
announced. The Board intends to evaluate on a case-by-case basis the consideration
for any future offers under the repurchase program, in light of its experience and
then-prevailing market and economic conditions.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section1E0"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="ria" ID="ria"></A>Report of Independent Registered
Public Accounting Firm</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">To the Board of Directors and the Shareholders of
The&nbsp;Korea&nbsp;Fund,&nbsp;Inc.:</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all material
respects, the financial position of The Korea Fund, Inc. (the &quot;Fund&quot;) at
June&nbsp;30, 2006, and the results of its operations, the changes in its net assets
and the financial highlights for each of the periods indicated therein, in
conformity with accounting principles generally accepted in the United States
of America. These financial statements and financial highlights (hereafter
referred to as &quot;financial statements&quot;) are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of securities at June 30, 2006 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_196" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">Boston, Massachusetts<BR>
August 22, 2006</FONT>
</P>
</TD>
<TD CLASS="CLASS_196" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">  PricewaterhouseCoopers LLP</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section1D0"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="tax" ID="tax"></A>Tax Information      </FONT><FONT COLOR="#000000">(Unaudited)</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund paid distributions of $0.35 per share from net long-term capital
gains during its year ended June&nbsp;30, 2006, of which 100% represents 15%
rate gains.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Pursuant to Section 852 of the Internal Revenue Code, the Fund designates
$142,835,000 as capital gain dividends for its year ended June&nbsp;30, 2006, of
which 100% represents 15% rate gains.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund paid foreign taxes of $3,938,161 and earned $14,204,254 of
foreign source income during the year ended June&nbsp;30, 2006. Pursuant to
Section 853 of the Internal Revenue Code, the Fund designates $0.15 per
share as foreign taxes paid and $0.53 per share as income earned from foreign
sources for the year ended June&nbsp;30, 2006.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">For federal income tax purposes, the Fund designates $26,200,000 or the
maximum amount allowable under tax law, as qualified dividend income.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Please consult a tax advisor if you have questions about federal or state income
tax laws, or on how to prepare your tax returns. If you have specific questions
about your account, please call 1-800-349-4281.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section1C0"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="drip" ID="drip"></A>Dividend Reinvestment and Cash
Purchase Plan</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">The Plan</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund's Dividend Reinvestment and Cash Purchase Plan (the &quot;Plan&quot;) offers&nbsp;you
an automatic way to reinvest your dividends and capital gains distributions in shares
of the fund. The Plan also provides for cash investments in fund shares of $100 to
$3,000 semiannually through DWS Scudder Investments Service Company or its
delegate (the &quot;Transfer Agent&quot;) and UMB Bank, N.A. (the &quot;Plan Agent&quot;). The
Transfer Agent provides record keeping services for participants in the Plan. If you
would like a copy of the Plan, please call the Transfer Agent at 1-800-294-4366.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Automatic Participation</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Each stockholder of record is automatically a participant in the Plan unless the
stockholder has instructed the Transfer Agent in writing otherwise. Such a notice
must be received by the Transfer Agent not less than 10 days prior to the record date
for a dividend or distribution in order to be effective with respect to that dividend or
distribution. A notice which is not received by that time will be effective only with
respect to subsequent dividends and distributions. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Stockholders who do not participate in the Plan will receive all distributions in cash
paid by check in dollars mailed directly to the stockholder by the Transfer Agent, as
dividend paying agent.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Shares Held by a Nominee</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">If your shares are held in the name of a brokerage firm, bank, or other nominee as
the stockholder of record, please consult your nominee (or any successor nominee) to
determine whether it is participating in the Plan on your behalf. Many nominees are
generally authorized to receive cash dividends unless they are specifically instructed
by a client to reinvest. If you would like your nominee to participate in the Plan on
your behalf, you should give your nominee instructions to that effect as soon as
possible.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Pricing of Dividends and Distributions</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">If the market price per share on the payment date for the dividend or distribution
(the &quot;Valuation Date&quot;) equals or exceeds net asset value per share on that date, the
fund will issue (i) shares of the fund's common stock that are issued but not
outstanding (&quot;Treasury Stock&quot;) to the extent shares of Treasury Stock are available,
and then (ii) to the extent shares of Treasury Stock are not available, newly issued
shares of the fund's common stock to participants at the greater of the following on
the Valuation Date: (a) net asset value or (b)&nbsp;95% of the market price. The Valuation
Date will be the dividend or distribution payment date or, if that date is not a
New&nbsp;York Stock Exchange trading date, the next preceding trading date. If the net
asset value exceeds the market price of fund shares at such time, the Plan Agent will
use the dividend or distribution (less each participant's pro rata share of brokerage
commissions) to buy fund shares in the open market for the participants' account.
Such purchases will be made on or shortly after the payment date for such dividend
or distribution, and in no event more than 45 days after such date except where
temporary curtailment or suspension of purchase is necessary to comply with federal
securities law. In either case, for Federal income tax purposes, the stockholder receives
a distribution equal to the market value on the Valuation Date of new shares issued.
State and local taxes may also apply. If the fund should declare an income dividend or
net capital gains distribution payable only in cash, the Plan Agent will, as agent for
the participants, buy fund shares in the open market, on the New York Stock
Exchange or elsewhere, for the participants' account on, or shortly after, the payment
date.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Voluntary Cash Purchases</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Participants in the Plan have the option of making additional cash payments to the
Transfer Agent, semiannually, in any amount from $100 to $3,000, for investment in
the fund's shares. The Plan Agent will use all such monies received from participants
to purchase fund shares in the open market on or about February 15 and August 15.
Any voluntary cash payments received more than 30 days prior to these dates will be
returned by the Transfer Agent, and interest will not be paid on any uninvested cash
payments. To avoid unnecessary cash accumulations, and also to allow ample time for
receipt and processing by the Transfer Agent, it is suggested that participants send in
voluntary cash payments to be received by the Transfer Agent approximately ten days
before February 15, or August 15, as the case may be. A participant may withdraw a
voluntary cash payment by written notice, if the notice is received by the Transfer
Agent not less than 48 hours before such payment is to be invested.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Participant Plan Accounts</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Transfer Agent maintains all participant accounts in the Plan and furnishes
written confirmation of all transactions in the account, including information needed
by participants for personal and tax records. Shares in the account of each plan
participant will be held by the Transfer Agent in non-certificated form in the name of
the participant, and each participant will be able to vote those shares purchased
pursuant to the Plan at a stockholder meeting or by proxy. </FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">No Service Fee to Reinvest</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">There is no service fee charged to participants for reinvesting dividends or
distributions from net realized capital gains. The Plan Agent's and/or Transfer Agent's
fees for the handling of the reinvestment of dividends and capital gains distributions
will be paid by the fund. There will be no brokerage commissions with respect to
shares issued directly by the fund as a result of dividends or capital gains distributions
payable either in stock or in cash. However, participants will pay a pro rata share of
brokerage commissions incurred with respect to the Plan Agent's open market
purchases in connection with the reinvestment of any dividends or capital gains
distributions.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Costs for Cash Purchases</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">With respect to purchases of fund shares from voluntary cash payments, each
participant will be charged $0.75 for each such purchase. Each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan Agent's
open market purchases of fund shares in connection with voluntary cash payments
made by the participant.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Brokerage charges for purchasing small amounts of stock for individual accounts
through the Plan are expected to be less than the usual brokerage charges for such
transactions, because the Plan Agent will be purchasing stock for all participants in
blocks and pro-rating the lower commission thus attainable.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Amendment or Termination</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund reserves the right to terminate the Plan. Notice of the termination will be
sent to the participants of the Plan at least 30 days before the record date for a
dividend or distribution. The Plan also may be amended by the fund, but (except
when necessary or appropriate to comply with applicable law, rules or policies of a
regulatory authority) only by giving at least 30 days' written notice to participants in
the Plan.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">A participant may terminate his account under the Plan by written notice to the
Transfer Agent. If the written notice is received 10 days before the record day of any
distribution, it will be effective immediately. If received after that date, it will be
effective as soon as possible after the reinvestment of the dividend or distribution.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">If a participant elects to sell his shares before the Plan is terminated, the Plan Agent
will deduct a $2.50 fee plus brokerage commissions from the sale transaction.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Transfer Agent Address and Telephone Number</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">You may obtain more detailed information by requesting a copy of the Plan from the
Transfer Agent. All correspondence (including notifications) should be directed to:
The Korea Fund Dividend Reinvestment and Cash Purchase Plan, c/o DWS Scudder
Investments Service Company, P.O. Box 219066, Kansas City, MO 64121-9066,
1-800-294-4366. </FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="TOP"><IMG SRC="new_section.gif" ALT="new_section1B0"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000"><A NAME="do" ID="do"></A>Directors and Officers</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">The following table presents certain information regarding the Directors and
Officers&nbsp;for The Korea Fund, Inc. as of June 30, 2006. Each individual's age is set
forth in parentheses after his or her name. Unless otherwise noted, (i)&nbsp;each individual
has engaged in the principal occupation(s) noted in the table for at least the most
recent five years, although not necessarily in the same capacity, and (ii) the address
of&nbsp;each individual is c/o The Korea Fund, Inc., Deutsche Asset Management, 345
Park Avenue, New York, New York 10154. Each Director's term of office extends
until the next stockholder's meeting called for the purpose of electing Directors in
that class and until the election and qualification of a successor, or until such
Director sooner dies, resigns&nbsp;or&nbsp;is removed as provided in the governing documents
of the fund. </FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_24" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Independent Directors</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_157" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Name, Age,
Position(s) Held
with the Fund
and Length of
Time Served</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_164" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Principal Occupation(s) During&nbsp;Past 5 Years and <BR>
Other Directorships Held</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_152" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Number
of Funds
in Fund
Complex
Overseen</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_114" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ronaldo A. da
Frota Nogueira
(67) </FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director </FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">2000-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_113" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director and Chief Executive Officer, IMF Editora Ltd. (financial
publisher); Chairman of the Certification Committee and
Director, APIMEC Nacional (Brazilian Association of Investment
Professionals and Analysts); Member, Board of the Association
of Certified International Investment Analysts (ACIIA)</FONT>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">1</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_114" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Julian Reid (61)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director
2004-present</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chairman
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_113" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director and Chairman of 3a Funds Group (1998-present);
Director and Chairman of the Saffron Fund Inc. (1994-2004);
Director and Chairman of Morgans Walk Properties
(2002-2006); Director of JF China Region Fund Inc.
(1997-present); and Director and Chairman of Prosperity
Voskhod Fund Ltd (2006-present)</FONT>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">1</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_114" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chris Russell (57)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">2004-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_113" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Consultant of Gavekal Research (since 2001); and Director of
each of: Candover plc (since 2004); JPMF Japanese Smaller
Companies Investment Trust plc (since 2006); British Airways
Pensions Investment Management Ltd (since 2005); LIM Japan
Fund (since 2002); Enhanced Index Funds (since 2002); Investec
High Income Trust (since 2001); and Gartmore Investment
Management plc (1997-2001)</FONT>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">1</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_114" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Richard A. Silver<SUP>4</SUP>
(59)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">2006-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_113" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Executive Vice President, Fidelity Investments
(2000-2005)</FONT>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">1</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_114" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kesop Yun (60) </FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">1984-1988,
1994-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_113" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Professor, College of Business Administration, Seoul National
University, Seoul, Korea; prior thereto, Director, The Korea
Liberalisation Fund, Inc. (U.K.) (1996-1999); Dean, College of
Business Administration, Seoul National University (1999-2001);
Visiting Professor, London Business School (1997-1998)</FONT>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">1</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_24" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Officers</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_157" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Name, Age,
Position(s) Held
with the Fund
and Length of
Time Served</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_164" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Principal Occupation(s) During&nbsp;Past 5 Years and <BR>
Other Directorships Held</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_152" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Number
of Funds
in Fund
Complex
Overseen</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_112" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Michael G.
Clark<SUP>2,4</SUP> (41)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">President,
2006-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_111" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director, Deutsche Asset Management
(2006-present); President, The Central Europe and Russia Fund,
Inc. (since June 2006), The European Equity Fund, Inc. (since
June 2006), The New Germany Fund, Inc. (since June 2006),
DWS Global High Income Fund, Inc. (since June 2006), DWS
Global Commodities Stock Fund, Inc. (since June 2006), DWS
RREEF Real Estate Fund, Inc. (since June&nbsp;2006), DWS RREEF Real
Estate Fund II, Inc. (since June&nbsp;2006); formerly, Director of Fund
Board Relations (2004-2006) and Director of Product
Development (2000-2004), Merrill Lynch Investment Managers;
Senior Vice President Operations, Merrill Lynch Asset
Management (1999-2000)</FONT>
</P>
</TD>
<TD CLASS="CLASS_109" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_112" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Terrence S. Gray<SUP>2</SUP>
(35)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice President</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_111" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director of Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_109" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_112" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paul H.
Schubert<SUP>2</SUP> (42)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chief Financial
Officer since
2004</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Treasurer since
July 2005</FONT>
</P>
</TD>
<TD CLASS="CLASS_111" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director, Deutsche Asset Management (since July
2004); formerly, Executive Director, Head of Mutual Fund
Services and Treasurer for UBS Family of Funds (1998-2004);
Vice President and Director of Mutual Fund Finance at UBS
Global Asset Management (1994-1998)</FONT>
</P>
</TD>
<TD CLASS="CLASS_109" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_112" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Scott M.
McHugh<SUP>3</SUP> (34)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Treasurer since
2005</FONT>
</P>
</TD>
<TD CLASS="CLASS_111" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director of Deutsche Asset Management.</FONT>
</P>
</TD>
<TD CLASS="CLASS_109" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_112" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kathleen
Sullivan
D'Eramo<SUP>3</SUP> (46)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Treasurer</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">2003-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_111" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director of Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_109" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_112" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John Millette<SUP>3</SUP>
(41)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Secretary </FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_111" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director of Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_109" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_112" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Caroline Pearson<SUP>3</SUP>
(42)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Secretary </FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">1998-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_111" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director of Deutsche Asset Management </FONT>
</P>
</TD>
<TD CLASS="CLASS_109" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>1</SUP><I> As a result of their respective positions held with the Manager, these individuals are considered
&quot;interested persons&quot; of the Manager within the meaning of the 1940 Act, as amended. Interested
persons receive no compensation from the fund.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>2</SUP><I> Address: 345 Park Avenue, New York, New York</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>3</SUP><I> Address: Two International Place, Boston, Massachusetts</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>4</SUP><I> Elected July 12, 2006.</I></FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="new_section.gif" ALT="new_section1A0"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Notes</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="new_section.gif" ALT="new_section190"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Notes</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="new_section.gif" ALT="new_section180"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Notes</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="new_section.gif" ALT="new_section170"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Notes</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="new_section.gif" ALT="new_section160"></TD>
<TD CLASS="CLASS_174" ALIGN="LEFT" VALIGN="BOTTOM">
<H1 CLASS="CLASS_15" ALIGN="LEFT"><FONT COLOR="#000000">Notes</FONT></H1>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_172" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_170" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><IMG SRC="notes_page.gif" ALT="kor_notes_page0">
</P>
<P ALIGN="LEFT"><IMG SRC="kor_backcover0.gif" ALT="kor_backcover0">
</P>






<div style='width:600;'>




<table border="0" cellspacing=0 cellpadding=0 width="248" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 2.</font></B></p> </td>
        <td width="136" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>CODE OF ETHICS.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>As of the end of the period, June 30, 2006, The Korea Fund has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="402" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 3.</font></B></p> </td>
        <td width="291" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>AUDIT COMMITTEE FINANCIAL EXPERT.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The Fund's Board of Directors has determined that the Fund has at least one "audit committee financial expert" serving on its audit committee: Mr. Richard Silver and Mr. Kesop Yun. Each of these audit committee members is "independent," meaning that he is not an "interested person" of the Fund (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940) and he does not accept any consulting, advisory, or other compensatory fee from the Fund (except in the capacity as a Board or committee member).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="445" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 4.</font></B></p> </td>
        <td width="333" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>PRINCIPAL ACCOUNTANT FEES AND SERVICES.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>THE KOREA FUND </font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>FORM N-CSR DISCLOSURE RE: AUDIT FEES</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>The following table shows the amount of fees that PricewaterhouseCoopers, LLP (&#147;PWC&#148;), the Fund&#146;s independent registered public accounting firm, billed to the Fund during the Fund&#146;s last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>Services that the Fund&#146;s Independent Registered Public Accounting Firm Billed to the Fund</font></b></p>


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse;  '>
    <tr >
        <td width="159" valign=bottom style='border:solid black 1.0pt;border-color:gray; padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>Fiscal Year</font><br> <font face="Arial" size=2>Ended</font><br> <font face="Arial" size=2>June 30,</font></p> </td>
        <td width="120" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>Audit Fees Billed to Fund</font></p> </td>
        <td width="120" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>Audit-Related</font><br> <font face="Arial" size=2>Fees Billed to Fund</font></p> </td>
        <td width="128" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>Tax Fees Billed to Fund</font></p> </td>
        <td width="111" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>All</font><br> <font face="Arial" size=2>Other Fees Billed to Fund</font></p> </td> </tr>
    <tr >
        <td width="159" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font face="Arial" size=2>2006</font></p> </td>
        <td width="120" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$65,150</font></p> </td>
        <td width="120" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$12,500</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$0</font></p> </td>
        <td width="111" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="159" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font face="Arial" size=2>2005</font></p> </td>
        <td width="120" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$106,000</font></p> </td>
        <td width="120" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$225</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$20,000</font></p> </td>
        <td width="111" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$0</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The above &#147;Audit- Related Fees&#148; were billed for agreed upon procedures performed and the above "Tax Fees" were billed for professional services rendered for tax compliance and/or tax return preparation.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>Services that the Fund&#146;s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (&#147;DeIM&#148; or the &#147;Adviser&#148;), and any entity controlling, controlled by or under common control with DeIM (&#147;Control </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<pAGE>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>Affiliate&#148;) that provides ongoing services to the Fund (&#147;Affiliated Fund Service Provider&#148;), for engagements directly related to the Fund&#146;s operations and financial reporting, during the Fund&#146;s last two fiscal years.</font></p>


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse;  '>
    <tr style='height:66.1pt'>
        <td width="159" valign=bottom style='border:solid black 1.0pt;border-color:gray; padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font face="Arial" size=2>Fiscal Year</font><br> <font face="Arial" size=2>Ended</font><br> <font face="Arial" size=2>June 30,</font></p> </td>
        <td width="120" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font face="Arial" size=2>Audit-Related</font><br> <font face="Arial" size=2>Fees Billed<sup> </sup>to Adviser and Affiliated Fund Service Providers</font></p> </td>
        <td width="128" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font face="Arial" size=2>Tax Fees Billed to Adviser and Affiliated Fund Service Providers</font></p> </td>
        <td width="111" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:66.1pt'>
            <p ><font face="Arial" size=2>All</font><br> <font face="Arial" size=2>Other Fees Billed to Adviser and Affiliated Fund Service Providers</font></p> </td> </tr>
    <tr >
        <td width="159" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font face="Arial" size=2>2006</font></p> </td>
        <td width="120" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$45,200</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$197,605</font></p> </td>
        <td width="111" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="159" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font face="Arial" size=2>2005</font></p> </td>
        <td width="120" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$264,200</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$0</font></p> </td>
        <td width="111" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font face="Arial" size=2>$0</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>The &#147;Audit-Related Fees&#148; were billed for services in connection with the assessment of internal controls, agreed-upon procedures and additional related procedures and the above &#147;Tax Fees&#148; were billed in connection with consultation services and agreed-upon procedures.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font face="Arial" size=2>Non-Audit Services</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>The following table shows the amount of fees that PWC billed during the Fund&#146;s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund&#146;s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund&#146;s last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWC&#146;s independence.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table width="600" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse;  '>
    <tr style='height:143.5pt'>
        <td width="128" valign=bottom style='border:solid black 1.0pt;border-color:gray; padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>Fiscal Year</font><br> <font face="Arial" size=2>Ended</font><br> <font face="Arial" size=2>June 30,</font></p> </td>
        <td width="128" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>Total </font><br> <font face="Arial" size=2>Non-Audit Fees Billed to Fund</font></p>
<p  style=' page-break-after:avoid'><font face="Arial" size=2>(A)</font></p> </td>
        <td width="128" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)</font></p>
<p  style=' page-break-after:avoid'><font face="Arial" size=2>(B)</font></p> </td>
        <td width="128" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)</font></p>
<p  style=' page-break-after:avoid'><font face="Arial" size=2>(C)</font></p> </td>
        <td width="128" valign=bottom style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:143.5pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>Total of (A), (B)</font><br> <br> <font face="Arial" size=2>and (C)</font></p> </td> </tr>
    <tr >
        <td width="128" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left;page-break-after:avoid'><font face="Arial" size=2>2006</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>$0</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>$197,605</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>$15,000</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>$212,605</font></p> </td> </tr>
    <tr >
        <td width="128" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left;page-break-after:avoid'><font face="Arial" size=2>2005</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>$20,000</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>$0</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>$89,634</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font face="Arial" size=2>$109,635</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>All other engagement fees were billed for services in connection with risk management, tax services and process improvement/integration initiatives for DeIM and other related entities that provide support for the operations of the fund.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="437" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 5.</font></B></p> </td>
        <td width="325" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>AUDIT COMMITTEE OF LISTED REGISTRANTS</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The registrant's audit committee consists of Ronaldo A. da Frota Nogueira, Richard A. Silver (Chairman), Julian Reid, Christopher Russell, Kesop Yun.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="326" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 6.</font></B></p> </td>
        <td width="215" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>SCHEDULE OF INVESTMENTS</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="197" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="101" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Not Applicable</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 7.</font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</font></B></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Proxy Voting Guidelines</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The Fund has delegated proxy voting responsibilities to its investment advisor, subject to the Board's general oversight. The Fund has delegated proxy voting to the advisor with the direction that proxies should be voted consistent with the Fund's best economic interests. The advisor has adopted its own Proxy Voting Policies and Procedures ("Policies"), and Proxy Voting Guidelines ("Guidelines") for this purpose. The Policies address, among other things, conflicts of interest that may arise between the interests of the Fund and the interests of the advisor and its affiliates, including the Fund's principal underwriter. The Guidelines set forth the advisor's general position on various proposals, such as:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Shareholder Rights -- The advisor generally votes against proposals that restrict shareholder rights.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Corporate Governance -- The advisor generally votes for confidential and cumulative voting and against supermajority voting requirements for charter and bylaw amendments.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Anti-Takeover Matters -- The advisor generally votes for proposals that require shareholder ratification of poison pills or that request boards to redeem poison pills, and votes "against" the adoption of poison pills if they are submitted for shareholder ratification. The advisor generally votes for fair price proposals.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Routine Matters -- The advisor generally votes for the ratification of auditors, procedural matters related to the annual meeting, and changes in company name, and against bundled proposals and adjournment.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The general provisions described above do not apply to investment companies. The advisor generally votes proxies solicited by investment companies in accordance with the recommendations of an independent third-party, except for proxies solicited by or with respect to investment companies for which the advisor or an affiliate serves as investment advisor or principal underwriter ("affiliated investment companies"). The advisor votes affiliated investment company proxies in the same proportion as the vote of the investment company's other shareholders (sometimes called "mirror" or "echo" voting). Master fund proxies solicited from feeder funds are voted in accordance with applicable requirements of the Investment Company Act of 1940.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Although the Guidelines set forth the advisor's general voting positions on various proposals, the advisor may, consistent with the Fund's best interests, determine under some circumstances to vote contrary to those positions. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The Guidelines on a particular issue may or may not reflect the view of individual members of the board, or of a majority of the board. In addition, the Guidelines may reflect a voting position that differs from the actual practices of the public companies within the Deutsche Bank organization or of the investment companies for which the advisor or an affiliate serves as investment advisor or sponsor. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The advisor may consider the views of a portfolio company's management in deciding how to vote a proxy or in establishing general voting positions for the Guidelines, but management's views are not determinative.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>As mentioned above, the Policies describe the way in which the advisor resolves conflicts of interest. To resolve conflicts, the advisor, under normal circumstances, votes proxies in accordance with its Guidelines. If the advisor departs from the Guidelines with respect to a particular proxy or if the Guidelines do not specifically address a certain proxy proposal, a proxy voting committee established by the advisor will vote the proxy. Before voting any such proxy, however, the advisor's conflicts review committee will conduct an investigation to determine whether any potential conflicts of interest exist in connection with the particular proxy proposal. If the conflicts review committee determines that the advisor has a material conflict of interest, or certain individuals on the proxy voting committee should be recused from participating in a particular proxy vote, it will inform the proxy
voting committee. If notified that the </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>advisor has a material conflict, or fewer than three voting members are eligible to participate in the proxy vote, typically the advisor will engage an independent third party to vote the proxy or follow the proxy voting recommendations of an independent third party. Under certain circumstances, the advisor may not be able to vote proxies or the advisor may find that the expected economic costs from voting outweigh the benefits associated with voting. For example, the advisor may not vote proxies on certain foreign securities due to local restrictions or customs. The advisor generally does not vote proxies on securities subject to share blocking restrictions.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 8. </font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</font></B></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font face="Arial" size=2>The Portfolio Manager</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>The Fund is managed by a Team of investment professionals who collaborate to develop and implement the Fund&#146;s investment strategy.  The Portfolio Manager on the Team has authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio construction techniques, portfolio risk assessment, and the management of daily cash flows in accordance with portfolio holdings.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#0000FF"><font face="Arial" size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The following person handles the day-to-day management of the fund.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Terrence S. Gray, CFA</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>Managing Director of Deutsche Asset Management and Portfolio Manager of the fund.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Joined Deutsche Asset Management in 1993 and the fund in 2005.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Portfolio Manager for global emerging markets equity fund and other international products.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Previously, head of the Pacific Basin portfolio selection team and served as an Asian country and sector analyst before joining the Emerging Markets team.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>BS, Boston College.</font></p> </td> </tr></table>


<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font face="Arial" size=2>Compensation of Portfolio Managers </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:14pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>The Fund has been advised that the Advisor seeks to offer its investment professionals competitive short-term and long-term compensation.  Portfolio managers and research professionals are paid (i) fixed base salaries, which are linked to job function, responsibilities and financial services industry peer comparison, and (ii) variable compensation, which is linked to investment performance, individual contributions to the team and DWS Scudder&#146;s and Deutsche Bank&#146;s financial results.  Variable compensation may include a cash bonus incentive and participation in a variety of long-term equity programs (usually in the form of Deutsche Bank equity). </font></p>

<p style=' margin-bottom:14pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>Bonus and long-term incentives comprise a greater proportion of total compensation as an investment professional&#146;s seniority and compensation levels increase.  Top performing investment professionals earn a total compensation package that is highly competitive, including a bonus that is a multiple of their base salary.  The amount of equity awarded under the long-term equity programs is generally based on the individual&#146;s total compensation package and may comprise from 0%-40% of the total compensation award.  As incentive compensation increases, the percentage of compensation awarded in Deutsche Bank equity also increases.  Certain senior investment professionals may be subject to a mandatory diverting of a portion of their equity compensation into proprietary mutual funds that they manage.  </font></p>

<p style=' margin-bottom:14pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>To evaluate its investment professionals, the Advisor uses a Performance Management Process.  Objectives evaluated by the process are related to investment performance and generally take into account peer group and benchmark related data.  The ultimate goal of this process is to link the performance of investment professionals with client investment objectives and to deliver investment performance that meets or exceeds clients&#146; risk and return objectives.  When determining total compensation, the Advisor considers a number of quantitative and qualitative factors such as: </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>DWS Scudder performance and the performance of Deutsche Asset Management, quantitative measures which include 1, 3 and 5 year pre-tax returns versus benchmark (such as the benchmark used in the prospectus) and appropriate peer group, taking into consideration risk targets.  Additionally, the portfolio manager&#146;s retail/institutional asset mix is weighted, as appropriate for evaluation purposes.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 14.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Qualitative measures include adherence to the investment process and individual contributions to the process, among other things.  In addition, the Advisor assesses compliance, risk management and teamwork skills.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 14.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Other factors, including contributions made to the investment team as well as adherence to compliance, risk management, and "living the values" of the Advisor, are part of a discretionary component which gives management the ability to reward these behaviors on a subjective basis through bonus incentives.  </font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>In addition, the Advisor analyzes competitive compensation levels through the use of extensive market data surveys.  Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine overall compensation to promote good sustained investment performance.</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font face="Arial" size=2>Fund Ownership of Portfolio Managers</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The following table shows the dollar range of shares owned beneficially and of record by each member of the Fund&#146;s portfolio management team in the Fund as well as in all DWS Funds as a group (i.e. those funds advised by Deutsche Asset Management or its affiliates), including investments by their immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans.   This information is provided as of the Fund&#146;s most recent fiscal year end.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p  align=center style='text-align:center;line-height:normal'><b><font  face="Arial" size=2>Name of</font></b><u><b><font  face="Arial" size=2> </font></b></u><br>  <b><font face="Arial" size=2>Portfolio Manager</font></b><u></u></p>  </td>
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            <p  align=center style='text-align:center;line-height:normal'><b><font  face="Arial" size=2>Dollar Range of</font></b></p>
<p  align=center style='text-align:center;line-height:normal'><b><font  face="Arial" size=2>Fund Shares Owned</font></b><u></u></p>  </td>
        <td width="210" valign=top style='border:solid black 1.0pt;border-color:gray;  border-left:none;padding:0in 3.0pt 0in 3.0pt'>
            <p  align=center style='text-align:center;line-height:normal'><b><font  face="Arial" size=2>Dollar Range of All DWS Fund  Shares Owned</font></b></p>  </td> </tr>
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        <td width="232" valign=top style='border:solid black 1.0pt;border-color:gray;  border-top:none;padding:0in 3.0pt 0in 3.0pt'>
            <p  style='line-height:normal;page-break-after:avoid;  '><font face="Arial"  size=2>Terrence Gray</font></p>  </td>
        <td width="216" valign=top style='border-top:none;border-left:  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;    padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in;page-break-after:avoid'><font face="Arial" size=2>0</font></p>  </td>
        <td width="210" valign=top style='border-top:none;border-left:  none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;    padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in;page-break-after:avoid'><font face="Arial" size=2>$500,001 - $1,000,000</font></p>  </td> </tr>
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            <p  style='line-height:normal'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin-top:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin-top:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p  style='line-height:normal'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin-top:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin-top:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p  style='line-height:normal'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin-top:0in'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin-top:0in'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p  style='line-height:normal'><font size=1>&nbsp;</font></p> </td>
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            <p  style='margin-top:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="210" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font face="Arial" size=2>Conflicts of Interest</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>In addition to managing the assets of the Fund, the Fund&#146;s portfolio managers may have responsibility for managing other client accounts of the Advisor or its affiliates.  The tables below show, for each portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the Fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by each portfolio manager.  The tables also show the number of performance based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account.  This information is provided as of the Fund&#146;s most recent fiscal year end.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><b><font face="Arial" size=2>Other SEC Registered Investment Companies Managed:</font></b></p>


<table border="0" cellspacing=0 cellpadding=0 width="573" style='border-collapse:collapse;  '>
    <tr >
        <td width="130" valign=top style='border:solid black 1.0pt;border-color:gray; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Name of Portfolio Manager</font></b></p> </td>
        <td width="108" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Number of  Registered Investment Companies </font></b></p> </td>
        <td width="112" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Total Assets of Registered Investment Companies</font></b></p> </td>
        <td width="112" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Number of Investment Company Accounts with Performance Based Fee</font></b></p> </td>
        <td width="112" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Total Assets of Performance- Based Fee Accounts</font></b></p> </td> </tr>
    <tr >
        <td width="130" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Terrence Gray</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>3</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$1,324,882,671</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td> </tr>
    <tr >
        <td width="130" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="130" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="130" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="130" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><b><font face="Arial" size=2>Other Pooled Investment Vehicles Managed:</font></b></p>


<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse; '>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Name of Portfolio Manager</font></b></p> </td>
        <td width="96" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Number of Pooled Investment Vehicles</font></b></p> </td>
        <td width="131" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Total Assets of Pooled Investment Vehicles</font></b></p> </td>
        <td width="113" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Number of Pooled Investment Vehicle Accounts with Performance-Based Fee </font></b></p> </td>
        <td width="112" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Total Assets of Performance- Based Fee Accounts</font></b></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Terrence Gray</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>5</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$485,373,301</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:left;'><b><font face="Arial" size=2>Other Accounts Managed:</font></b></p>


<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse; '>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Name of Portfolio Manager</font></b></p> </td>
        <td width="96" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Number of Other Accounts</font></b></p> </td>
        <td width="131" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Total Assets of Other Accounts</font></b></p> </td>
        <td width="113" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Number of Other Accounts with Performance- Based Fee </font></b></p> </td>
        <td width="112" valign=top style='border:solid black 1.0pt;border-color:gray; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Total Assets of Performance- Based Fee Accounts</font></b></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Terrence Gray</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>2</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$487,818,116</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="138" valign=top style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="113" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="112" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>In addition to the accounts above, an investment professional may manage accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the funds.  The Advisor has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions on  the ability of portfolio managers and other &#147;access persons&#148; to invest in securities that may be recommended or traded in the funds and other client accounts.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including the following: </font></p>


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            <p  align=left style='text-align:left;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Certain investments may be appropriate for the Fund and also for other clients advised by the Advisor, including other client accounts managed by the Fund&#146;s portfolio management team.  Investment decisions for the Fund and other clients are made with a view to achieving their respective investment objectives and after consideration of such factors as their current holdings, availability of cash for investment and the size of their investments generally. A particular security may be bought or sold for only one client or in different amounts and at different times for more than one but less than all clients. Likewise, because clients of the Advisor may have differing investment strategies, a particular security may be bought for one or more clients when one or more other clients are selling the security. The
investment results achieved for the Fund may differ from the results achieved for other clients of the Advisor.  In addition, purchases or sales of the same security may be made for two or more clients on the same day.  In such event, such transactions will be allocated among the clients in a manner believed by the Advisor to be most equitable to each client, generally utilizing a pro rata allocation methodology.  In some cases, the allocation procedure could potentially have an adverse effect or positive effect on the price or amount of the securities purchased or sold by the Fund.  Purchase and sale orders for the Fund may be combined with those of other clients of the Advisor in the interest of achieving the most favorable net results to the Fund and the other clients.  </font></p> </td> </tr></table>



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    <tr >
        <td width="24" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  align=left style='text-align:left;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>To the extent that a portfolio manager has responsibilities for managing multiple client accounts, a portfolio manager will need to divide time and attention among relevant accounts. The Advisor attempts to minimize </font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Arial" size=2>these conflicts by aligning its portfolio management teams by investment strategy and by employing similar investment models across multiple client accounts.</font></p>


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        <td width="24" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  align=left style='text-align:left;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>In some cases, an apparent conflict may arise where the Advisor has an incentive, such as a performance-based fee, in managing one account and not with respect to other accounts it manages.  The Advisor will not determine allocations based on whether it receives a performance-based fee from the client.   Additionally, the Advisor has in place supervisory oversight processes to periodically monitor performance deviations for accounts with like strategies. </font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>The Advisor is owned by Deutsche Bank AG, a multi-national financial services company.  Therefore, the Advisor is affiliated with a variety of entities that provide and/or engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer activities (including sales and trading), hedge funds, real estate and private equity investing, in addition to the provision of investment management services to institutional and individual investors.  Since Deutsche Bank AG, its affiliates, directors, officers and employees (the &#147;Firm&#148;) are engaged in businesses and have interests other than managing asset management accounts, such other activities involve real, potential or apparent conflicts of interest.   These interests and activities include potential advisory, transactional and financial activities and other interests in securities and companies that
may be directly or indirectly purchased or sold by the Firm for its clients&#146; advisory accounts.  These are considerations of which advisory clients should be aware and which may cause conflicts that could be to the disadvantage of the Advisor&#146;s advisory clients.  The Advisor has instituted business and compliance policies, procedures and disclosures that are designed to identify, monitor and mitigate conflicts of interest and, as appropriate, to report them to the Fund&#146;s Board.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 9. </font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</font></B></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="687" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border:solid black 1.0pt;border-color:gray; border-bottom:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:none;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font face="Arial" size=2>(a)</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:none;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font face="Arial" size=2>(b)</font></p> </td>
        <td width="168" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:none;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font face="Arial" size=2>(c)</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:none;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font face="Arial" size=2>(d)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Total Number of</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Total Number of Shares Purchased as</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Maximum Number of Shares that May Yet </font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border:solid black 1.0pt;border-color:gray; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Period</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Shares Purchased</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Average Price Paid per Share</font></p> </td>
        <td width="168" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Part of Publicly Announced Plans or Programs</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Be Purchased Under the Plans or Programs</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>July 1 through July 31, 2005</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>August 1 through August 31*</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>14,737,775</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$31.1860</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>14,737,775</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>September 1 through September 30</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>October 1 through October 31</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>November 1 through November 30</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>December 1 through December 31</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>January 1 through January 31</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>February 1 through February 28**</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>2,996,371</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$38.1420</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>2,996,371</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>March 1 through March 31</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>April 1 through April 30</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>May 1 through May 31</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>June 1 through June 30</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$0.0</font></p> </td>
        <td width="168" nowrap valign=bottom style=' border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-right: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>n/a</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border:solid black 1.0pt;border-color:gray; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="168" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style='border:solid black 1.0pt;border-color:gray; border-top:none; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Total </font></p> </td>
        <td width="84" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>17,734,146</font></p> </td>
        <td width="96" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>$32.3613</font></p> </td>
        <td width="168" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>17,734,146</font></p> </td>
        <td width="134" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="84" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="168" nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="134" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:1.25in'>
        <td  colspan="3" style='padding:0in 5.4pt 0in 5.4pt; height:1.25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>* 14,737,775 shares were tendered in exchange for a pro rata portion of the Fund&#146;s portfolio securities pursuant to a tender offer, which was announced on July 7, 2005, commenced on July 8, 2005, and expired on August 19, 2005.  The Fund had approved the tender offer for up to 22,350,747 of its issued and outstanding shares.  These shares represent approximately 33% of the Fund's outstanding shares.</font></p> </td>
        <td width="168" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="134" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:1.25in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="3" style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>** 2,996,371 shares were tendered in exchange for cash pursuant to a tender offer, which was announced on January 13, 2006, commenced on January 18, 2006, and expired on February 16, 2006.  The Fund had approved the tender offer for up to 10% of the its issued and outstanding shares (2,996,371 shares). </font></p> </td>
        <td width="168" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="134" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="549" style='border-collapse:collapse'>
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        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 10.</font></B></p> </td>
        <td width="437" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>The Committee on Independent Trustees/Directors selects and nominates Independent Trustees/Directors.  Fund shareholders may also submit nominees that will be considered by the committee when a Board vacancy occurs.  Submissions should be mailed to the attention of the Secretary of the Fund at 345 Park Avenue New</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>York, NY 10154.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="337" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 11.</font></B></p> </td>
        <td width="225" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>CONTROLS AND PROCEDURES.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(a) </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>The Chief Executive and Financial Officers concluded that the Registrant&#146;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(b) </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>There have been no changes in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s last half-year (the registrant&#146;s second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal controls over financial reporting.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="198" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>ITEM 12.</font></B></p> </td>
        <td width="87" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>EXHIBITS.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(a)(1)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(a)(2)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>


</div>




<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Form N-CSR Item F</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="339" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td>
        <td  width="16">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 28, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="339" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td>
        <td  width="16">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 28, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="315" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td>
        <td  width="15">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="317" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="125" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 28, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>



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<FILENAME>code_ethics-kor.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>
                               Scudder/DeAM Funds

       Principal Executive and Principal Financial Officer Code of Ethics

               For the Registered Management Investment Companies

                              Listed on Appendix A

































                                                                  Effective Date
                                                              [January 31, 2005]





Table of Contents
<TABLE>
<CAPTION>
                                                                                    Page Number

<S>         <C>                                                                          <C>
   I.       Overview.....................................................................3


   II.      Purposes of the Officer Code.................................................3


   III.     Responsibilities of Covered Officers.........................................4

      A.    Honest and Ethical Conduct...................................................4
      B.    Conflicts of Interest........................................................4
      C.    Use of Personal Fund Shareholder Information.................................6
      D.    Public Communications........................................................6
      E.    Compliance with Applicable Laws, Rules and Regulations.......................6

   IV.      Violation Reporting..........................................................7

      A.    Overview.....................................................................7
      B.    How to Report................................................................7
      C.    Process for Violation Reporting to the Fund Board............................7
      D.    Sanctions for Code Violations................................................7

   V.       Waivers from the Officer Code................................................7


   VI.      Amendments to the Code.......................................................8


   VII.     Acknowledgement and Certification of Adherence to the Officer Code...........8


   IX.      Recordkeeping................................................................8


   X.       Confidentiality..............................................................9


   Appendices...........................................................................10

      Appendix A:.......................................................................10
      List of Officers Covered under the Code, by Board:................................10
      DeAM Compliance Officer:..........................................................10
      Name: Joseph Yuen.................................................................10
      As of:      July 19, 2006Appendix B: Acknowledgement and Certification............10
      Appendix B: Acknowledgement and Certification.....................................11
      Appendix C:  Definitions..........................................................13

</TABLE>


                                       2
<PAGE>



I.       Overview

         This Principal  Executive Officer and Principal  Financial Officer Code
         of Ethics  ("Officer  Code") sets forth the  policies,  practices,  and
         values  expected  to be  exhibited  in the  conduct  of  the  Principal
         Executive  Officers and Principal  Financial Officers of the investment
         companies ("Funds") they serve ("Covered Officers").  A list of Covered
         Officers and Funds is included on Appendix A.

         The Boards of the Funds  listed on Appendix A have elected to implement
         the Officer Code,  pursuant to Section 406 of the Sarbanes-Oxley Act of
         2002 and the SEC's rules thereunder,  to promote and demonstrate honest
         and ethical conduct in their Covered Officers.

         Deutsche Asset  Management,  Inc. or its affiliates  ("DeAM") serves as
         the  investment  adviser to each Fund.  All Covered  Officers  are also
         employees of DeAM or an affiliate. Thus, in addition to adhering to the
         Officer  Code,  these  individuals  must comply with DeAM  policies and
         procedures,  such as the DeAM Code of Ethics governing personal trading
         activities,  as adopted  pursuant  to Rule 17j-1  under the  Investment
         Company Act of 1940.(1) In addition,  such individuals also must comply
         with other applicable Fund policies and procedures.

         The DeAM Compliance Officer, who shall not be a Covered Officer and who
         shall serve as such  subject to the  approval  of the Fund's  Board (or
         committee  thereof),  is primarily  responsible  for  implementing  and
         enforcing  this Code.  The  Compliance  Officer  has the  authority  to
         interpret  this  Officer  Code  and  its  applicability  to  particular
         circumstances.  Any questions about the Officer Code should be directed
         to the DeAM Compliance Officer.

         The DeAM Compliance  Officer and his or her contact  information can be
         found in Appendix A.

II.      Purposes of the Officer Code

         The purposes of the Officer Code are to deter wrongdoing and to:

         o        promote  honest and ethical  conduct among  Covered  Officers,
                  including the ethical handling of actual or apparent conflicts
                  of interest between personal and professional relationships;

         o        promote  full,  fair,  accurate,   timely  and  understandable
                  disclosures  in reports and documents that the Funds file with
                  or submit to the SEC (and in other public  communications from
                  the  Funds)  and  that  are  within  the   Covered   Officer's
                  responsibilities;

         o        promote   compliance   with   applicable   laws,   rules   and
                  regulations;

         o        encourage the prompt  internal  reporting of violations of the
                  Officer Code to the DeAM Compliance Officer; and

         o        establish accountability for adherence to the Officer Code.

         Any  questions  about the  Officer  Code  should be  referred to DeAM's
         Compliance Officer.

- --------

(1) The  obligations  imposed by the  Officer  Code are  separate  from,  and in
addition to, any obligations  imposed under codes of ethics adopted  pursuant to
Rule  17j-1  under the  Investment  Company  Act of 1940,  and any other code of
conduct  applicable to Covered  Officers in whatever  capacity  they serve.  The
Officer  Code does not  incorporate  any of those other codes and,  accordingly,
violations of those codes will not  necessarily be considered  violations of the
Officer Code and waivers granted under those codes would not necessarily require
a waiver to be granted under this Code.  Sanctions imposed under those codes may
be considered  in  determining  appropriate  sanctions for any violation of this
Code.


                                       3
<PAGE>

III.     Responsibilities of Covered Officers

         A.       Honest and Ethical Conduct

         It is the duty of every Covered  Officer to encourage  and  demonstrate
         honest and ethical conduct,  as well as adhere to and require adherence
         to the Officer Code and any other  applicable  policies and  procedures
         designed to promote this behavior.  Covered  Officers must at all times
         conduct  themselves with integrity and  distinction,  putting first the
         interests of the Fund(s) they serve.  Covered  Officers  must be honest
         and candid  while  maintaining  confidentiality  of  information  where
         required by law, DeAM policy or Fund policy.

         Covered   Officers  also  must,  at  all  times,  act  in  good  faith,
         responsibly  and with  due  care,  competence  and  diligence,  without
         misrepresenting  or being  misleading  about material facts or allowing
         their  independent  judgment to be subordinated.  Covered Officers also
         should maintain skills appropriate and necessary for the performance of
         their duties for the Fund(s).  Covered  Officers also must  responsibly
         use and control all Fund assets and resources entrusted to them.

         Covered  Officers may not  retaliate  against  others for, or otherwise
         discourage  the  reporting  of,  actual or apparent  violations  of the
         Officer Code or applicable laws or regulations. Covered Officers should
         create an  environment  that  encourages  the exchange of  information,
         including concerns of the type that this Code is designed to address.

         B.       Conflicts of Interest

         A  "conflict  of  interest"  occurs when a Covered  Officer's  personal
         interests  interfere with the interests of the Fund for which he or she
         serves as an officer.  Covered  Officers may not  improperly  use their
         position with a Fund for personal or private gain to themselves,  their
         family,  or any other person.  Similarly,  Covered Officers may not use
         their  personal  influence  or  personal   relationships  to  influence
         decisions  or other Fund  business or  operational  matters  where they
         would  benefit  personally  at the  Fund's  expense  or to  the  Fund's
         detriment.  Covered Officers may not cause the Fund to take action,  or
         refrain from taking action,  for their  personal  benefit at the Fund's
         expense or to the Fund's  detriment.  Some  examples  of  conflicts  of
         interest  follow  (this  is not an  all-inclusive  list):  being in the
         position of  supervising,  reviewing or having any influence on the job
         evaluation,  pay or benefit of any  immediate  family  member who is an
         employee of a Fund service provider or is otherwise associated with the
         Fund; or having an ownership  interest in, or having any  consulting or
         employment relationship with, any Fund service provider other than DeAM
         or its affiliates.

         Certain  conflicts  of  interest  covered by this Code arise out of the
         relationships  between  Covered  Officers and the Fund that already are
         subject to conflict of interest  provisions in the  Investment  Company
         Act and the Investment Advisers Act. For example,  Covered Officers may
         not individually  engage in certain  transactions (such as the purchase
         or sale of securities or other property) with the Fund because of their
         status as  "affiliated  persons"  of the Fund.  Covered  Officers  must
         comply with applicable laws and regulations.  Therefore, any violations
         of  existing  statutory  and  regulatory   prohibitions  on  individual
         behavior could be considered a violation of this Code.

         As  to  conflicts  arising  from,  or  as  a  result  of  the  advisory
         relationship (or any other relationships) between the Fund and DeAM, of
         which the  Covered  Officers  are also  officers  or  employees,  it is
         recognized by the Board that, subject to DeAM's fiduciary duties to the
         Fund,  the Covered  Officers  will in the normal course of their duties
         (whether formally for the Fund or for DeAM, or for both) be involved in
         establishing  policies  and  implementing  decisions  which  will  have
         different  effects on


                                       4
<PAGE>

         DeAM and the Fund. The Board  recognizes that the  participation of the
         Covered  Officers  in  such  activities  is  inherent  in the  contract
         relationship  between  the Fund and DeAM,  and is  consistent  with the
         expectation of the Board of the performance by the Covered  Officers of
         their duties as officers of the Fund.

         Covered  Officers  should  avoid  actual  conflicts  of  interest,  and
         appearances  of conflicts of  interest,  between the Covered  Officer's
         duties  to the  Fund and his or her  personal  interests  beyond  those
         contemplated  or anticipated  by applicable  regulatory  schemes.  If a
         Covered  Officer  suspects or knows of a conflict or an  appearance  of
         one, the Covered Officer must immediately report the matter to the DeAM
         Compliance  Officer.  If a Covered Officer, in lieu of reporting such a
         matter to the DeAM Compliance  Officer,  may report the matter directly
         to the Fund's Board (or committee  thereof),  as appropriate  (e.g., if
         the  conflict  involves  the DeAM  Compliance  Officer  or the  Covered
         Officer reasonably  believes it would be futile to report the matter to
         the DeAM Compliance Officer).

         When  actual,  apparent or  suspected  conflicts  of interest  arise in
         connection with a Covered  Officer,  DeAM personnel aware of the matter
         should promptly contact the DeAM Compliance  Officer.  There will be no
         reprisal or retaliation against the person reporting the matter.

         Upon receipt of a report of a possible  conflict,  the DeAM  Compliance
         Officer will take steps to determine  whether a conflict exists.  In so
         doing,  the DeAM  Compliance  Officer  may take any  actions  he or she
         determines to be appropriate in his or her sole  discretion and may use
         all  reasonable  resources,   including  retaining  or  engaging  legal
         counsel,  accounting firms or other consultants,  subject to applicable
         law.(2)  The costs  associated  with such  actions  may be borne by the
         Fund,  if  appropriate,  after  consultation  with the Fund's Board (or
         committee  thereof).  Otherwise,  such  costs  will be borne by DeAM or
         other appropriate Fund service provider.

         After full review of a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer may determine  that no conflict or reasonable
         appearance  of a conflict  exists.  If,  however,  the DeAM  Compliance
         Officer  determines  that an actual  conflict  exists,  the  Compliance
         Officer will resolve the conflict  solely in the interests of the Fund,
         and will report the conflict and its resolution to the Fund's Board (or
         committee thereof).  If the DeAM Compliance Officer determines that the
         appearance of a conflict exists,  the DeAM Compliance Officer will take
         appropriate  steps to remedy such  appearance.  In lieu of  determining
         whether  a  conflict  exists  and/or  resolving  a  conflict,  the DeAM
         Compliance Officer instead may refer the matter to the Fund's Board (or
         committee  thereof),  as  appropriate.  However,  the  DeAM  Compliance
         Officer  must  refer the  matter  to the  Fund's  Board  (or  committee
         thereof) if the DeAM  Compliance  Officer is  directly  involved in the
         conflict or under similar appropriate circumstances.

         After  responding to a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer  will  discuss  the  matter  with the  person
         reporting it (and with the Covered  Officer at issue, if different) for
         purposes  of  educating   those  involved  on  conflicts  of  interests
         (including how to detect and avoid them, if appropriate).

         Appropriate   resolution   of  conflicts   may  restrict  the  personal
         activities of the Covered  Officer and/or his family,  friends or other
         persons.

         Solely because a conflict is disclosed to the DeAM  Compliance  Officer
         (and/or the Board or  Committee  thereof)  and/or  resolved by the DeAM
         Compliance  Officer does not mean that the  conflict or its  resolution
         constitutes a waiver from the Code's requirements.


- --------

(2) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.


                                       5
<PAGE>

         Any  questions  about  conflicts  of  interests,  including  whether  a
         particular  situation  might be a  conflict  or an  appearance  of one,
         should be directed to the DeAM Compliance Officer.

         C.       Use of Personal Fund Shareholder Information

         A Covered Officer may not use or disclose  personal  information  about
         Fund  shareholders,  except in the performance of his or her duties for
         the Fund. Each Covered Officer also must abide by the Funds' and DeAM's
         privacy policies under SEC Regulation S-P.

         D.       Public Communications

         In connection with his or her  responsibilities for or involvement with
         a  Fund's  public   communications  and  disclosure   documents  (e.g.,
         shareholder reports,  registration  statements,  press releases),  each
         Covered  Officer must  provide  information  to Fund service  providers
         (within the DeAM  organization  or  otherwise)  and to the Fund's Board
         (and  any  committees  thereof),   independent   auditors,   government
         regulators and  self-regulatory  organizations that is fair,  accurate,
         complete, objective, relevant, timely and understandable.

         Further,  within the scope of their  duties,  Covered  Officers  having
         direct or supervisory authority over Fund disclosure documents or other
         public Fund communications will, to the extent appropriate within their
         area of responsibility, endeavor to ensure full, fair, timely, accurate
         and  understandable  disclosure  in  Fund  disclosure  documents.  Such
         Covered Officers will oversee, or appoint others to oversee,  processes
         for the timely and accurate  creation and review of all public  reports
         and regulatory filings. Within the scope of his or her responsibilities
         as a Covered  Officer,  each  Covered  Officer  also  will  familiarize
         himself or herself with the disclosure  requirements  applicable to the
         Fund,  as well as the business and  financial  operations  of the Fund.
         Each Covered  Officer  also will adhere to, and will promote  adherence
         to, applicable disclosure controls, processes and procedures, including
         DeAM's Disclosure Controls and Procedures,  which govern the process by
         which Fund disclosure documents are created and reviewed.

         To the extent that Covered  Officers  participate  in the creation of a
         Fund's  books or records,  they must do so in a way that  promotes  the
         accuracy, fairness and timeliness of those records.

         E.       Compliance with Applicable Laws, Rules and Regulations

         In connection with his or her duties and within the scope of his or her
         responsibilities as a Covered Officer, each Covered Officer must comply
         with governmental  laws, rules and regulations,  accounting  standards,
         and  Fund   policies/procedures   that   apply  to  his  or  her  role,
         responsibilities  and duties  with  respect  to the Funds  ("Applicable
         Laws").  These  requirements  do not  impose on  Covered  Officers  any
         additional  substantive duties.  Additionally,  Covered Officers should
         promote compliance with Applicable Laws.

         If a Covered  Officer  knows of any material  violations  of Applicable
         Laws or suspects that such a violation may have  occurred,  the Covered
         Officer  is  expected  to  promptly  report  the  matter  to  the  DeAM
         Compliance Officer.



                                       6
<PAGE>

IV.      Violation Reporting

         A.       Overview

         Each  Covered  Officer  must  promptly  report  to the DeAM  Compliance
         Officer,   and  promote  the  reporting  of,  any  known  or  suspected
         violations of the Officer Code.  Failure to report a violation may be a
         violation of the Officer Code.

         Examples of violations of the Officer Code include, but are not limited
         to, the following:

         o        Unethical or dishonest behavior

         o        Obvious lack of adherence to policies  surrounding  review and
                  approval of public  communications  and  regulatory  filings

         o        Failure to report violations of the Officer Code

         o        Known or obvious  deviations from Applicable Laws

         o        Failure to  acknowledge  and certify  adherence to the Officer
                  Code

         The  DeAM  Compliance  Officer  has the  authority  to take any and all
         action he or she considers appropriate in his or her sole discretion to
         investigate  known or suspected Code violations,  including  consulting
         with  the  Fund's  Board,  the  independent  Board  members,   a  Board
         committee,  the Fund's legal counsel and/or counsel to the  independent
         Board members. The Compliance Officer also has the authority to use all
         reasonable resources to investigate violations,  including retaining or
         engaging legal counsel, accounting firms or other consultants,  subject
         to  applicable  law.(3) The costs  associated  with such actions may be
         borne by the Fund, if appropriate,  after  consultation with the Fund's
         Board (or committee  thereof).  Otherwise,  such costs will be borne by
         DeAM.


         B.       How to Report

         Any known or suspected  violations of the Officer Code must be promptly
         reported to the DeAM Compliance Officer.

         C.       Process for Violation Reporting to the Fund Board

         The DeAM Compliance  Officer will promptly report any violations of the
         Code to the Fund's Board (or committee thereof).

         D.       Sanctions for Code Violations

         Violations of the Code will be taken seriously. In response to reported
         or otherwise known  violations,  DeAM and the relevant Fund's Board may
         impose sanctions  within the scope of their  respective  authority over
         the Covered Officer at issue.  Sanctions  imposed by DeAM could include
         termination  of employment.  Sanctions  imposed by a Fund's Board could
         include termination of association with the Fund.

         V.       Waivers from the Officer Code

         A  Covered  Officer  may  request  a waiver  from the  Officer  Code by
         transmitting  a written  request  for a waiver  to the DeAM  Compliance
         Officer.(4)  The request must include the rationale for the request and
         must explain how the waiver would be in furtherance of the standards of
         conduct  described in and underlying  purposes of the Officer Code. The
         DeAM  Compliance  Officer will present this  information


- --------

(3) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.

(4) Of course,  it is not a waiver of the Officer  Code if the Fund's  Board (or
committee thereof)  determines that a matter is not a deviation from the Officer
Code's requirements or is otherwise not covered by the Code.


                                       7
<PAGE>

         to the Fund's Board (or committee  thereof).  The Board (or  committee)
         will determine  whether to grant the requested waiver. If the Board (or
         committee)  grants the requested  waiver,  the DeAM Compliance  Officer
         thereafter  will  monitor  the  activities  subject to the  waiver,  as
         appropriate, and will promptly report to the Fund's Board (or committee
         thereof) regarding such activities, as appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of any waivers granted or any implicit waivers.

VI.      Amendments to the Code

         The DeAM  Compliance  Officer will review the Officer Code from time to
         time for its continued  appropriateness and will propose any amendments
         to the  Fund's  Board (or  committee  thereof)  on a timely  basis.  In
         addition, the Board (or committee thereof) will review the Officer Code
         at least annually for its continued  appropriateness  and may amend the
         Code as necessary or appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of Code amendments.

VII.     Acknowledgement and Certification of Adherence to the Officer Code

         Each  Covered  Officer  must sign a  statement  upon  appointment  as a
         Covered Officer and annually  thereafter  acknowledging  that he or she
         has  received  and read the Officer  Code,  as amended or updated,  and
         confirming  that  he or she has  complied  with  it  (see  Appendix  B:
         Acknowledgement  and  Certification  of  Obligations  Under the Officer
         Code).

         Understanding  and  complying  with the  Officer  Code  and  truthfully
         completing the  Acknowledgement  and Certification Form is each Covered
         Officer's obligation.

         The DeAM Compliance Officer will maintain such  Acknowledgements in the
         Fund's books and records.

VIII.    Scope of Responsibilities

         A Covered Officer's responsibilities under the Officer Code are limited
         to:

         (1)      Fund matters over which the Officer has direct  responsibility
                  or   control,   matters   in  which  the   Officer   routinely
                  participates,  and matters with which the Officer is otherwise
                  involved  (i.e.,  matters  within  the  scope  of the  Covered
                  Officer's  responsibilities  as a Fund officer);  and

         (2)      Fund matters of which the Officer has actual knowledge.


IX.      Recordkeeping

         The DeAM  Compliance  Officer  will  create  and  maintain  appropriate
         records regarding the implementation and operation of the Officer Code,
         including records relating to conflicts of interest  determinations and
         investigations of possible Code violations.



                                       8
<PAGE>

X.       Confidentiality

         All reports and records prepared or maintained pursuant to this Officer
         Code  shall be  considered  confidential  and shall be  maintained  and
         protected  accordingly.  Except as  otherwise  required  by law or this
         Officer Code,  such matters shall not be disclosed to anyone other than
         the DeAM Compliance  Officer,  the Fund's Board (or committee thereof),
         legal counsel, independent auditors, and any consultants engaged by the
         Compliance Officer.



                                       9
<PAGE>



         Appendices

         Appendix A:



         List of Officers Covered under the Code, by Board:

<TABLE>
<CAPTION>

=========================================== ============================== =========================== ============================
                Fund Board                  Principal Executive Officers      Principal Financial               Treasurer
                                                                                    Officers
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
<S>     <C>    <C>    <C>    <C>    <C>    <C>
Chicago                                     Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Korea                                       Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
New York                                    Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Hedge Strategies Fund                       Pam Kiernan                    Marielena Glassman          Marielena Glassman
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Germany*                                    Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Topiary BPI                                 Pam Kiernan                    Marielena Glassman          Marielena Glassman
=========================================== ============================== =========================== ============================
</TABLE>

*        Central Europe and Russia, European Equity, and New Germany Funds


         DeAM Compliance Officer:

         Name: Joseph Yuen

         DeAM Department: Compliance

         Phone Numbers: 212-454-7443

         Fax Numbers: 212-454-4703









As of:   July 19, 2006

                                       10
<PAGE>



Appendix B: Acknowledgement and Certification


                    Initial Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name                 Department                Location         Telephone




         1.       I  acknowledge  and certify that I am a Covered  Officer under
                  the Scudder Fund  Principal  Executive and  Financial  Officer
                  Code of Ethics ("Officer Code"),  and therefore subject to all
                  of its requirements and provisions.

         2.       I have received and read the Officer Code and I understand the
                  requirements and provisions set forth in the Officer Code.

         3.       I have disclosed any conflicts of interest of which I am aware
                  to the DeAM Compliance Officer.

         4.       I will act in the best interest of the Funds for which I serve
                  as an  officer  and have  maintained  the  confidentiality  of
                  personal information about Fund shareholders.

         5.       I will report any known or suspected violations of the Officer
                  Code in a timely manner to the DeAM Compliance Officer.













         -----------------------------------------------------------------------
         Signature                                                        Date


                                       11
<PAGE>




                    Annual Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name                 Department                Location         Telephone



         1.       I  acknowledge  and certify that I am a Covered  Officer under
                  the Scudder Fund  Principal  Executive and  Financial  Officer
                  Code of Ethics ("Officer Code"),  and therefore subject to all
                  of its requirements and provisions.

         2.       I have  received and read the Officer  Code,  and I understand
                  the requirements and provisions set forth in the Officer Code.

         3.       I have adhered to the Officer Code.

         4.       I have not knowingly been a party to any conflict of interest,
                  nor have I had  actual  knowledge  about  actual  or  apparent
                  conflicts  of  interest  that I did  not  report  to the  DeAM
                  Compliance  Officer  in  accordance  with the  Officer  Code's
                  requirements.

         5.       I have  acted in the best  interest  of the  Funds for which I
                  serve as an officer and have maintained the confidentiality of
                  personal information about Fund shareholders.

         6.       With  respect to the  duties I perform  for the Fund as a Fund
                  officer,  I believe that  effective  processes are in place to
                  create and file public  reports and  documents  in  accordance
                  with applicable regulations.

         7.       With  respect to the  duties I perform  for the Fund as a Fund
                  officer,  I have complied to the best of my knowledge with all
                  Applicable  Laws (as that term is defined in the Officer Code)
                  and  have  appropriately  monitored  those  persons  under  my
                  supervision for compliance with Applicable Laws.

         8.       I have  reported  any  known or  suspected  violations  of the
                  Officer  Code  in a  timely  manner  to  the  DeAM  Compliance
                  Officer.














- --------------------------------------------------------------------------------
Signature                                                               Date


                                       12
<PAGE>


         Appendix C:  Definitions

         Principal Executive Officer

         Individual  holding  the office of  President  of the Fund or series of
         Funds, or a person performing a similar function.

         Principal Financial Officer

         Individual  holding  the office of  Treasurer  of the Fund or series of
         Funds, or a person performing a similar function.

         Registered Investment Management Investment Company

         Registered  investment  companies other than a face-amount  certificate
         company or a unit investment trust.

         Waiver

         A waiver is an approval of an exemption from a Code requirement.

         Implicit Waiver

         An implicit  waiver is the failure to take action  within a  reasonable
         period of time  regarding a material  departure  from a requirement  or
         provision  of the  Officer  Code that has been  made  known to the DeAM
         Compliance Officer or the Fund's Board (or committee thereof).



                                       13
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>8
<FILENAME>cert-kor.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> <b><font face="Arial" size=4></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSR Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Michael G. Clark, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The Korea Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 28, 2006</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'>
<img src="img2.gif"><br> <b><font face="Arial" size=4></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSR Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The Korea Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 28, 2006</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>11
<FILENAME>cert906-kor.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
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<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> <b><font face="Arial" size=4></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Michael G. Clark, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The Korea Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 28, 2006</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img2.gif"><br> <b><font face="Arial" size=4></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of The Korea Fund, Inc., on Form N-CSR;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;&nbsp;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 28, 2006</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Korea Fund, Inc.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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